GoDaddy and other, similar domain-auction sites look at the traffic arriving at their domains to determine if they're worthwhile members to their portfolio.
If the domain you're interested in is still driving traffic, it may be in their interest to renew the domain before (or shortly after) it expires. If this is the case, you'll miss out even if no one else has bidded.
How important is the domain to you? If it's important, I'd be inclined to put in a nominal bid for it. Of course, if you're talking about more than $100, it might be worth waiting and seeing if they renew.
Only you can decide how important the domain is to you (or your business).