I listened to an awesome podcast the other day about how much the price of wine effects how people thinks it tastes. It was quite interesting. (The podcast was Freakonomics, and can be downloaded on iTunes) Basically, if people were told the wine was more expensive, they would rate it higher. There was even one person who made up a restaurant and a wine list, then submitted it to a wine magazine in an attempt to win an award. He was trying to prove that the awards were basically an advertising scheme. He won an award... even though on his wine list were many expensive wines the magazine had previously bashed. It was quite the embarrassment for the magazine.
When tastings are done where the tasters (both trained and untrained) have no idea how much the wine costs, it seems that almost all of them choose the less expensive wine. So drink up! And save your money for more cheap wine. :)