Basically eBay is rigged to protect the buyer. You cannot leave negative feedback for buyers, only for sellers. He can leave negative feedback for you even if he never pays you and it can never be erased. If you value your ebay trader rating you need to work with each and every buyer no matter what kind of PITA they are or soon you will have a poor rating and find it difficult to gain the trust of other buyers.
Yes you can report him for non payment, but in truth you must do everything possible first to work it out with him. If he turns out to be a dead beat by all means report him but that is the last step.
I've had this happen to me before. After you wait the alloted amount of time (3 or 5 days or something like that), just open an "non paying bidder" dispute. Ebay will then try contacting the buyer and prompt them to pay for the auction. If they don't, I think they get a small penalty and Ebay allows you to relist for free.
In my situation, the prompt form Ebay was enough to get my non-paying bidder to pay up. Maybe that will do the trick for you too.
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