We tend toward the OK wine in the $10-15/bottle range. Some of it is pretty awful... and then there are some great values in that price range that are nicely balanced. Last week we went to a sponsored wine tasting and were so impressed with one of the wines that we stocked up on it even though it was $22 a bottle. Good is good, and sometimes it's worth splurging a bit.

As to Gene's original question, we store wines in the bilge, then we cool them after opening (even the red) because unless we're entertaining it takes us 4-7 days to go through a bottle. It would turn to vinegar if we left them out more than a couple of days. We don't even think about sediment.