Am I buyer protected by eBay?

[Mark]

I bought an item at the beginning of the month & contacted the seller explaining I needed the item in good time for Christmas. I was told that would be fine! the item was due to arrive on the 6/7th December but after no contact and no item i contacted the seller, I was told it haven't been sent until the 14th - and although I paid for 1st class recorded it was sent 2nd class because "didn't have enough money".
As its so close to Xmas I'm worried it won't arrive in time an if it doesn't am I protected by eBay in anyway? after Christmas I have no use for the item and I feel a bit deceived and frustrated because I can't even buy an alternative Incase the first arrives!
Thanks.