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I don't buy the $2 Skillsaw but I had good luck with the $2 drill and $4 sawzall.
I saw a 1.5 HP 5-gallon air compressor go for $8 last saturday. The 20' hose was worth more than that, but I already have a 20' air hose.
It's always hit or miss at an auction. The last laser guided chop saw I saw went for $85, but the only visible wear was the saw blade itself. The one a month ago went for $135 and wasn't as clean.
Man... I gotta start trolling the 'public announcements' section for auction announcements. I'm just not really connected with that scene.