I think it's fair to say that most people here are fairly savvy when it
comes to eBay buying/selling, so let me throw out this question: What is
the value of keeping a reserve price secret?

When there's a radio I'm interested in that has a reserve, I always ask the
seller what that reserve is. That way I know whether or not I'd be wasting
my time watching it, and it may make a difference in how much I bid. So if,
for example, you see a $400-450 radio but the guy says his reserve is $800,
you don't waste your time. And likewise if he says his reserve is $425, you
might bid the $425 even if $375 would make you the high bidder, so that you
actually get the item instead of "Reserve not met" being the result. If
you know the reserve you can make the decision.

However, many sellers reply that they don't reveal their reserve. What's
the point? Isn't the reserve just another way of saying "This item is up
for auction to the highest bidder, but here is the least I'll take for it"?
What am I missing?

Jeff