Do expensive wines taste better?

Here's a very interesting post on cheap and expensive wines. To sum it up, the post confirms what I've believed all along.

Fancy people with lots of training can tell cheap wine from expensive ones but regular people cannot.

So I say guys, wine ko maro goli. Let the Old Monk flow at a regular shady-bar in the neighbourhood.
Some interesting information from the wiki entry on Old Monk:

Old monk continues to be the choice of most college going students in India as it is relatively very cheap. It is priced at 140 rs for a full, ie. 750 ml bottle, or roughly 3$. In the army too it continues to be popular, being even cheaper and rumour has it that there is a stronger version brewed for the army, though this is unconfirmed. It has a characteristically almost pungent, very strong taste which tends to linger long after the drink is consumed. Local varieties in different parts of India usually have subtle differences in the taste and colour. The drink is usually consumed with water or coke. A thriving market of fake Old Monk rum exists in Bangalore, India. But most even slightly frequent drinkers can often tell the difference.