I observed several penny auction sites (bigdeal, quibid, etc) before I decided to take the "leap of faith" on Wavee.com. The features that I thought made wavee different were the win limits (which I like), and the reasonable bid to buy prices (unlike some bigdeal.com who had a Kinect for Xbox360 with a bid to buy prices of $200 (the retail is $149).
I bought 3 items using the bid to buy feature on 12/5/10. One of them, I wanted for Christmas, but when I found out it wouldn't ship until 1/6 at the earliest, I cancelled the order. Here it is 1/19/11, and still no sign of my other two items 6 weeks later.
Customer service is terrible. The first ticket I submitted was to ask a question about something I wanted to buy. Their customer service called me back to help ensure I'd buy it. However, when I try to call about cancellations, or to check on the status, it is nearly impossible to reach anyone. I did reach someone today, and they said that even though the order is still "processing" and it's past the estimated ship date that has been revised three times, it might be on its way to me, so "call back in a few days if you still don't have it."
Also, beware of the hidden fees that pop up after you win an item. Don't get too excited about winning that 30 bid package for 25 cents because there's a $1.99 fee right around the corner before you can collect.
Here's another problem...the bid to buy seems like a safety net, right? It makes you think, "I'll bid on that $200 item, and if I lose the auction after spending $150 in bids, I can spend the other $50 and get the item." The problem is, if you cancel the order due to them taking an unreasonable amount of time to ship it to you, all you get a refund for is the $50 extra cash, so be careful.
In addition, my complaints about penny auctions, which may or may not be specific to wavee. Although there are win limits on auctions for products, there aren't on the bid packages (though there should be). It's just not fun to be on a site like that trying to win bids when the same two bidders overbid to win every single bid package auction for a period of time. How can I compete with somebody that is willing or able to spend 25 bids to win 10?
So I don't know if I'd call it a scam, but it's definitely a shady business that makes its money by taking advantage of its customers. Much more of a gambling site than an auction in my opinion. And, unless you're one of the 1% that can devote countless hours to bidding, don't expect any fantastic deals.