They did a taste test on this on NBC's Today show and everyone liked the $2 stuff the best.
I'm NOT a wine snob - if I like it, I don't care if it cost $1 or $1000 a bottle (or if it comes in with a screw cap - ask Ulfie

).
Though it did tick me off that some wine I really liked at Wig's was around $145 - not exactly something I could drink daily.