I bought a 1973 Mustang Mach I off Ebay about a month and a half ago (or something like that). I bought it purely based on the pictures and a brief conversation with the owner - and had it shipped to St. Louis. The car was in Indiana, so I paid about $300 to have it shipped here - the seller recommended a shipping company.
When I got it, it was in slightly worse case than he had described it to me, but I don't know if he would have told me about these things, had I asked him - so it may as much be my fault for not asking, as it was his for not telling.
I DO believe it is a VERY risky thing to buy any car sight-unseen, and if I were you, I would check out the seller's feedback on ebay extensively. have they sold other cars? What did the buyers of these cars have to say about the seller (and were these buyers who had a lnog ebay history themselves?). That might tell you a little, but ultimately you're still taking an huge risk.
Personally, I think I may have been misled a LITTLE, but the car overall is still very close to how it was described - so overall I'd describe my ebay buying experience as "good" but not "great"