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What can the buyer do at this situation?
 

Leaves negative feedback. Revises it to positive. Is he still able to open pp/eb*y dispute against me? If so how long does he have?

I think the buyer can open up a dispute up, say that the positive/negative feedback was left by mistake, though this feedback revision could undermine their case unless they have a strong basis for the dispute in the first place. I would expect the buyer has upto 45 days since the time of the purchase to open up a case against you.
:juggle:

i dont mean to be a jerk, well yes i do, but this is a really stupid question. if there is one thing that we have learned, it is the customer is always right. with ebay/paypal you can multiply that buy 1000. the buyer can do whatever they want whenever they want and ebay will 99.9% of the time side with them.

No question is ever stupid :)

Yes they can.

They can still open a dispute "item not as described" and in most cases they will win.

This is one of the tactics by my invented name of "Professional Buyers" who do this to get an item shipped to them and file disputes and get to keep the item for free.

^^^^^ Thanks for answering. But i think you should delete that post. More people knowing this = more problems for us.