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If IE is only a company providing a service, good for them, but if they are only an intermediary why do I see their feedback? One of the main pillars of the Ebay model" is the whole feedback system.
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In the case of IE ebay's feedback model doesn't really work for the buyer at all. Since the actual sellers are hidden from you the ebay buyer you have no way of knowing on an individual transaction if the seller is to be trusted in his description of the item and if he will deliver the goods as promised.
Judging from the negative feedback IE has garnered so far, it looks like they need to better educate / police their seller community. The major complaint of ebays is that the invisible IE seller sold items out from under them. If IE doesn't get that under control the whole thing will lose all credibility and just go away anyway.
The three legs of successful business model are 1) have a product / service that someone wants, 2) price competitively and 3) provide quality customer service. IE only got the first one covered right now.