I personally use buy it now quite a bit but I set the prices at a reasonable level. I don't think I've had a listing last more than 48 hours without getting snapped up. Buy your equipment used at a reasonable price and you will be able to sell it quickly at a reasonable price.
The problem is people bought photographic equipment for $2000 years ago and won't face the fact that stuff is only worth $50 today.
Translation: something is only worth how much another is willing to pay for it.res tantum valet quantum vendi potest