Was that every bid delayed the end of the auction. Therefore, using your example, while my $5000 bid is registered, when the guy bids $5, he's got 15 minutes to decide whether he'll raise his before the auction ends. Next would be $10, after which the clock starts again.

He could potentially bid up the minimum increment, over the course of days or weeks, and I might return from my vacation, AND two-week overseas business assignment, AND my retirement with the auction still going $5 at a time until he finally bids $5,015, and then I've got 15 minutes to decide whether or not to drive up the bid further.

Nonsense. This is no way to run an auction.