The issue of sniping has been discussed at considerable length on at least a couple previous occasions but here goes again. The timing of the bid has no bearing whatsoever on who wins or loses. In your case, the sniper won by $.50 because his max bid was higher than yours (could have been $.50 or it could have been $500.00). When a higher bid is entered, eBay automatically raises the bid only the minimum bid increment above the highest previous bid and there are set minimum bid increments that are driven by the current price of an auction item (see eBay for minimum bid increment schedules) and in your case the bid increment was $.50.
I don't do much bidding on the models/hobby area of eBay but I do a fair amount on militaria. I belong to two automated bidding services. With an automated bidding service, you can enter a bid on any number of items and, at a specific time before the end of each auction (usually 5-10 seconds and is normally preset by the bidding service), the bid is automatically placed by the bidding service's server with no further interaction needed by the bidder. I frequently decide which item(s) I want to bid on several days before auction close and load my bid(s) for the maximum $$ I am willing to pay for each item. The great thing about the automated bidding services is that, in the event I later find something I wand more (and, unlike some, I don't have unlimited $$) I can go back to the bidding server any time before the last minute or so before the item closes and delete a bid. That provides you with maximum flexibility and you don't have to go into the auction and retract a previously entered bid. Bid retraction is considered bad form in most circumstances and frequent retractions can get you suspended from eBay.
Finally, a primer on the concept of sniping: Sniping is a tactic that negates the effect of a "bidding war" between two or more bidders. In that case, a bid is placed and another bidder places a higher bid. Then the original bidder gets mad and places a higher bid and the egos and anger of those in the "war" can easily drive the price of an item well above its actual worth. If your bid is not placed until the last few seconds, it is quite difficult for other bidders to react and place a higher bid; thus avoiding the bidding war concept. Of course, if your snipe bid is not higher that someone else's normally placed bid, the sniper still loses. So, the moral of this story is this. If there's an item you really want, whether you're sniping, using an automated bidding service, or bidding hours or days before the end of the auction, don't try to get it on the cheap. Bid the max you're willing to pay and then let it ride. A last-second sniper cannot beat you if your max bid is higher. If someone else is willing to pay more and bests your max bid, whether it be hours or seconds before auction close, they wanted it more than you and, well, c'est la vie.