It looks like you where outbid in the final seconds so I am not sure that being able to see the current bid would have changed anything but it certainly would have decreased your confusion.
It may not have affected anything... but the whole process was extremely frustrating!
That was a domain that I REALLY wanted - but I was utterly baffled throughout the entire process as to where I stood in regards to the auction...
Often the current price wasn't displayed - then it would disappear - then it would go red...
Then it goes 0 seconds and I've bid $245 and the current bid is $159 - seriously...
What ever happened to the number #1 rule of design - KISS?