From the fence post that I'm sitting on, I think the policy is a good one that will help keep Ebay working. There are plenty of accounts of merchandise not being what is represented (see the NIB thread) and if jerks are allowed to scam others, then Ebay suffers and everyone will lose. If one needs quick cash, carry the stuff to the local flying field and let someone see what their getting.

I believe most sellers that are selling something of honest value will have no problem with such a policy as the net effect will be that it will probably increase prices as buyers feel less worried about being cheated.