If you don't pay, you're breaking a legally binding contract, and technically, you can be prosecuted for fraud (when pigs fly.) A seller may cancel all bids and end the auction at any time, as stated in terms of use. Depending on what you're bidding on, it may seem unreasonable, but it's legal.
I bid on something a few weeks ago, and within a day of the auction ending, the seller had 15 negative feedback calling her a deadbeat seller and that they hadn't recieved their CD's. Good thing I paid less than five bucks. At least she left positive feedback before disappearing