I have some faith in e*Bay, but I rarely buy from anyone without feedback greater than 30. In fact, I try to bid with the person that has the best feedback. I have found that if it is too good to be true, it probably is. I feel for you though... Best thing you can do is leave negative feedback and file a fraud report.
There have been times where I didn't want to sell an item for what it bid for, but I always followed through. e*Bay knows that if sellers backed out of deals right and left, then the buyers would lose interest, and the whole scheme would fall apart. Put a dent in this guys rep. No matter his situation, he entered a binding contract to sell the item. You are in the right, and even if he leaves you negative feedback in response, you will be able to clear it up. He deserves negative feedback, so make sure you warn others about him.
As far as getting what is coming to you in the deal, you are probably out of luck. It sucks, but it happens. Like others have said, be glad you didn't lose money.
Best of luck out there.
Ryan