As long as you have the $$$ to cover a sniper war, or are willing to retract bids regularly.
Say there are two people with deep pockets (in addition to our programmer sniper) that really want a particular Escher. The sniper's program is set to increase the bid by $5 at t-:01 or whatever.
Let's say the price of the auction at t-:10 is $350 (which is also the maximum amount bid to this point). A enters $1000 as a max bid, the bid at t-:09 now is $355. B enters $1000 as a max bid. The price now at t-:08 or so is $1000. Our sniper's software now puts him in for a bid of $1005 and he is stuck with it.
Of course, I suppose he could program it to not bid over a certain amount, but then what is the point? The only thing he gains is that eBay doesn't know what his true maximum bid would have been. But... He will lose a lot of auctions that he might have otherwise won by submitting a true max bid in the fashion of a typical sniper.
I just don't see an advantage to a software that does that.