anyone tried Bonanzle?

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http://www.bonanzle.com/ cnn had written a piece on it being the next ebay which makes me think that its trust worthy but its not a big site so im wondering if it will hurt my odds of selling.. but there arent any listing fees and only 3% final value fee!! much cheaper than ebay!! one thing i dont understand is that when you go to buy something it says X or best offer.. and you have like 2 weeks to accept some ones offer of your stuff.. so i dont understand how that works.. is it like an auction? and you just decide if you want to take first offer or wait a week to see if something better happens?? that seems kind of odd!! anyone know anything about this site?!?! im going to open my store later this month time willing but i dont want to make any mistakes on it