Pretty much. You could select a tab and see what the "gloves of
healingwhaterver" sold for in the last 32 hours. It helped you see if
it had been up for auction recently, how often hit had been sold in
the last 32 hours and how much it went for. The way you bought stuff
at an auction house was a bit weird, the seller set a minimum buyout
price that you couldn't see so if you had patience you would bid 100,
if that didn't get the item then you bid 110, then 120, then 130 and
ding! you hit his minimum and you got the item. Sometimes you could
get very good prices this way. If you weren't patient as a buyer then
you could check that "last sold" tab and then bid around there and
hopefully you got it at a fair price. The last sold tab helped the
seller also b/c you could see what the market was for the item. If it
sold very high and was put up for auction only once or twice in the 32
hours, then the seller could try to raise the price since its in high
demand. If the item is something that is listed and sold all of the
time then you could try to list yours at a slightly higher price and
the market would follow or list it for lower than the market and make
a quick buck.
I am not sure that I like the auction system but I did like the last
sold tab. Maybe combine that with WoW's auction house where you can
set a buyout price if you want and put a minimum bid on it so people
that don't want to take a chance on being outbid can buy it outright
or see if you can get the item at a low price and bid on it.