Here goes the main features:
* You can either buy or sell, and it can be either in auction or direct sale.
* Buying auctions works on reverse way of a sale, you say what you're looking and how much is the maximum you're willing to pay to get it and bidders will bid to low. Say you want a pair of Puma snickers brand new and willing to pay up to 50 USD, you start your auction at 50 USD, some guy selling Puma bids 45, the other 40... and so on.
One thing I focus was on fix one of ebay's biggest issues: last second bidders. Most of their auctions goes for weeks without any bids and in the last minute two or three guys jump to it... non-sense! So:
* You can end your auction at anytime accepting the highest bid (lowest if buying) to the moment you close it. If you're already happy with the price, why hold on?
* Bidding within the last 5 minutes will add 30 seconds to the auction duration's.
Other issue addressed is the ability to bid; if who creates the auction is from US and decides to not sell outside his country you'll not be even able to bid. This already exists on eBay, however you just got such message after you confirm the bid... making you to have to roll back 2 pages to get back in the list you were.
It's in the roadmap to put a feature to let the user to allow only people with x+ feedback to be able to bid... however this feature will not be implemented in the beginning as everyone has 0 feedback.
The site is also obviously designed to operate with Bitcoin, as so and even you can create auctions on USD, EUR, AUD, GPB, CAD or JPY you'll always see the price equivalent to BTC (unless it is in BTC already, for obviously reasons). The site will fetch everyday the currencies value, for BTC the formula is the following:
MtGox high + MtGox low / 2
For all others than USD: currency -> to USD -> to BTC - this part will use Google finance to get the currency rates.
Here's a picture on how it's looking so far:
EDIT: Another feature will be no bidding tables and bids will be taken directly as they are. If the latest bid is 20 and you bid 100 the price will jump to 100... and if some one bids after 100,01 will get the lead.
Another feature removed is the reserve price; if you don't want to sell bellow 100 don't put 10.