Yeah, the "Or Make Offer" part changes everything.
It's really the best way to list an item that may, or may not, get a high price.
It protects the buyer from having something listed without a reserve sell for too low a price, because the seller can accept or not accept any offer made. If the auction goes all the way to the end with nothing but lowball bids, the seller isn't going to get stuck with a low selling price. The downside is that the seller doesn't have the advantage of the excitement of having bidders be able to see what the current high bid is.
Plus, if somebody wants to hit the BIN button, hey, the seller will have a great Christmas!