One of the best arguments I've heard for looking at the most popular items on eBay was from this website. In it the author sources an expert from AuctionBytes. The expert's name is Ina Steiner. Ina states that knowing the most popular items on eBay is bad for the seller because they are looking that the most competitive items on eBay.
Now this is true for the most popular items on eBay all-around. The general most popular items are going to be the most competitive. However, whats-hot-weekly.com gives one the ability to drill down into subcategories and search by keyword. This is a MAJOR advantage for the seller, buyer, or marketer. Other sites, not to name any names, don't allow one to drill down into subcategories. They only give the top-level categories. Drilling down into the subcategories allows one to find great niche items.
I know this works because my wife uses the tool all the time to find niche markets. I prefer to code so I spend most of my time looking for new coding ideas. She asked me to write whats-hot-weekly.com for her. With it, she can find great niches.
There's another one of my sites that she uses just as often if not more so. I haven't released it for public use yet but it's a bit more focused on niche market research. I had originally planned on selling it but I've decided that when I do release it, it'll be free for all.
So, even though Ina says that looking for the most popular items isn't a great way to find things to sell, I totally disagree. Drilling down into subcategories lets one find items that have roughly 10 watchers but are the most watched items in their particular category. These do not have a lot of competition. They are great markets.
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