It does count down in real-time, and prices are updated on an interval that you specify (anywhere from 1 minute to 1 hour). I am looking into adding a dynamic refresh interval option (the closer an auction comes to ending, the more frequently it updates).
The display is based on your watched, bidding, won and lost items, so all you have to do to add an item the widget is place a bid, or add it to your watched items list.
The widget isn't complete yet. At this point I am just gauging interest before making it a gadget.
