My experience has been the opposite: I usually expect to wait a long time for items from, say, Hong Kong, but they usually come in 5-10 days.
And as you said, they're incredibly cheap with no, or almost no, postage fee. I don't know how they can sell me some of the stuff I get.
I've been buying on eBay since their beginning. Have spent tens of thousands of dollars buying everything from fuses to cars, including multiple laptops, and 99% of the deals have been great.
The most amusing thing to me, is that it almost always seems that the least expensive items come wrapped the best in several layers and boxes, whereas the most expensive and/or fragile items seem to come shipped inside a cheap flimsy envelope. I'm always like, wth?!!