Is Swoopo legit?

I just found out about Swoopo.com and right now it looks like a scam to me. I was watching people win auctions for HDTV's for under $10. Swoopo says on the screen, things like "This auction has ended and the winner has saved $980!". Has anyone used this site before? Is it really possible to get HDTVs for under $10? What's the catch?

The catch is they charge like .60 a bid, so $10 = $600 in revenue. [at .01 price increase per bid]

[don't remember the exact price, dont care enough to look it up]

Good article on Swoopo here:

"Entertainment Shopping" ... Pretty brilliant if you ask me.