In my opinion, eBay's most unique and hardest-to-duplicate key differentiator is (or, was) the fact that you can find anything there -- especially items you can't find anywhere else, especially used items that are no longer made.
They're also known for being a good "cheap place to get things that are new," but frankly I think that reputation / advantage is fading, as search technology grows increasingly robust.
SO, why is the CEO of eBay pursuing a strategy that basically pushes the site toward being more like Amazon, or an Internet Mall-like Walmart? In the process, they are alienating thousands of small-time, "one-of-a-kind item" sellers, which are the key providers of what I am suggesting is their strongest, easiest-to-defend competitive advantage. It makes no sense to me at all. The "New eBay" reminds me of New Coke...
Update: I was checking out the seller forums this weekend, and it appears the exodus has begun en masse (in spite of eBay staff deleting scores of messages and threads there -- it felt like I was watching a whack-a-mole game there for a while, protesting threads and posts were deleted so fast!). Lots and lots of sellers have had enough and are leaveng for other sites (eBid, Amazon, Bonanzle). eBay's focus has been on "Improving the Buyer Experience," and yet this seems to be what more folks are finding as sellers keep leaving.
Anther perspective here. My favorite quote: "Decide what you want to be when you grow up -- Are you a venue or are you a retailer? Pick one!" (I think they have -- retailer -- and have chosen poorly).
Another article here re: eBay's stock price changes of late...