Just wanted to point something out. Putting a listing on eBay costs a good amount of money (usually .20-.35) and it adds up quickly. So the reason he didn't delete the listing is because it would be impractical to delete the listing (which is getting a good amount of traffic) and make another listing later.
BS! I don't care how much it costs him to relist. That's his problem. You can't advertise an item and claim that a) you have 10+ in stock and b) that you will ship within 48 hours of the time the payment is cleared when in fact you know you DON'T HAVE ANY IN STOCK and cannot possibly do so!!
All I am asking for is honesty. I guess that's too much to ask these days. For example if he has consistent access to more inventory but it takes him a week to replenish then he needs to change his shipping time to 1 week (for example). One of the reasons I purchased from him is that he had stock and said he would ship in 48 hours. If I didn't care how long it would take, I could have ordered from one of the sellers in China. It's a matter of setting expectations. When I sell on eBay, I almost always ship out the same or next business day but I advertise 48 hours because (although rare) I know there will be times it can take me an additional day to get to the post office
Also, let's not be too hard on this guy

As you probably noticed his feedback isn't that high
Yeah, the nerve of us expecting that live up to what he promises. His feedback is 100%. What do you mean "not that high?"??
and doesn't even have an eBay.
I don't even know what that means.
We shouldn't expect a corporation type of handling of the sales
No we shouldn't. What I do expect is a more personal experience. That's why I buy and sell quite a bit on eBay and 99 times out of 100 my experience is much more positive than dealing with a large corporation. It's the same reason I try to shop at mom & pop stores and not WalMart. As I pointed out earlier, in the small volume he is selling - keeping his inventory up to date is a simple matter of being able to count.
but of course, he should have had them in stock, put only the amount he has in stock, or at least noted in the auction that they were backordered.
HELLOOOO?? That's all I am saying!
But I implore that you try and refrain from leaving a negative feedback. Negative feedback, imho, should be left for circumstances where you feel like you've been completely ripped off (not recieved the product, receiving a picture of the item instead of the item instead

)
No. Negative feedback is for a negative experience. As common courtesy, you should give the seller/buyer every opportunity to rectify the situation before leaving negative feedback. If you do so, and they do not rectify the situation to your satisfaction then negative feedback is completely appropriate. In this case, I will make my decision in regards to feedback based on if/when I receive the item but also on whether he continues to refuse to change his listing (showing stock when he has none). One of the things that makes eBay great is that the consumer has some power. While I am completely against abusing that power, I strongly believe that people need to be more honest in their feedback...and not be afraid to leave negative feedback for a negative experience.