I was on the other end of this scenario one time. The item I purchased was about $200 and I received a completely different item that was worth about $50. I thought I was scammed, but the seller said it was a mistake. The sales history confirmed that it was a mistake. I told him I would send it back for a refund and he told me I can keep the item and issued a full refund. It's likely the other buyer wouldn't return after getting a $200 item for $50, don't know. I was a little bummed to miss out on the item I wanted, but was treated fairly in the event of an honest mistake.
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