After my post on diamonds and water, I came across a really detailed article – The Price of Wine – on how the price and brand of wine influences the “taste-buds”. Also covers the wine investment market and wine making. This bit sums up the taste bit:

However, it’s unclear whether anyone can tell the difference between a $2,000 Lafite Bordeaux and a $3 table wine. In fact, most wine economists consider the matter settled. Blind tastings and academic studies robustly show that neither amateur consumers nor expert judges can consistently differentiate between fine wines and cheap wines, nor identify the flavors within them.

Personally, I prefer my grapes unfermented.