Never understood why can you bid below the reserve price, or more like why the reserve price is hidden because the whole point that they (the seller) have a price in mind they are not willing to go below.
Also, consider this: if the reserve is too high, and no one bids on it, then everyone looking at it is going to wonder what it is really worth. If there are several other bidders, then that gives reassurance to the rest for the price they each are bidding.