there have been many blindfold wine tests, google for them.
most people can't tell the difference between expensive and cheap wine anyways. many recent tests showed people tend to prefer cheap wines when they weren't told the price. even when they were given the same wine and told it's different, they couldn't tell.
a lot of people judge wine by their price. i wonder how they fare in these tests.
You'd have to be a real wine snob to estimate the cost of a particular bottle of wine by taste alone. It's a cool skill but I'd wager that most of us here would be unable to perform that task. Although some of us, *cough* Yoda *cough* will try to claim otherwise. I've had very expensive bottles of wine that were simply not enjoyable and "cheap" wine that I love to drink. Maybe I'm ghetto, or maybe, just maybe, I've found a blend I like and it doesn't happen to cost much. Lucky me.
After years of wine drinking and the completion of several wine tours through oxnard county, I can still only sometimes Identify the flavors in a particular bottle. It's a hard thing to do. I'd put my wine ID skills at about a 6/10. Meaning I can guess some of the ingredients correctly in 6 out of 10 bottles.
Here is the wine wheel, for red wine: http://www.thenibble.com/reviews/main/wine/aroma-chart5.asp
I happen to not like some of the more bitter tasting varieties. I like spice and apple blends with a hint of oak and smoke flavor.
Oh yeah, and if you're getting into wine, watch the movie Sideways.