Don't forget that Beaujolais Nouveau just got released for '06; and IMHO it's pretty much always a bargain, especially at places like Costco - $9 for Duboeuf.
For a luscious red, my wife and I have found that the 2005 Edmeads Zin is really versatile for our style of cooking. With a medium weight for a Zin, 15+% alcohol, and fresh, pure fruit, it goes with just about any meat, fish, pasta, cheese, even asparagus and chocolate. Expect to pay about $18.
For a white, we lucked upon a few bottles of Domaine des Baumards Savennieres, 2002; a fantastic year in France for Chenin Blanc whites. Very crisp and minerally, with richness from the few years of bottle age it had. If you even come across the Coteaux du Layon, which is a sweet white, get it as well. This is a solidly good Loire domaine in just about everything they make.
There's so much good wine out there, but the best bargains may be from Spain and Australia, although the quality of low-priced California cabs seem to have come up, from what I remember about five years ago.
I suggest that anyone who is going to spend any serious money on wine subscribe to at least one wine puiblication. My favorites are the International Wince Cellar (Tanzer, et. al.), and the Wine Advocate (Parker, et. al.), and back issues of The Vine (defunct since 2005, Clive Coates). You may want also to look at British publications also, like Decanter (various contributers). I think the Wine Spectator is questionable with their recommendations, though I like the variety of articles. Tanzer, Parker and Coates all do not accept advertizing in their publications from any wine estates, as they do not want to show any bias. Here are their links:
Parker:
http://dat.erobertparker.com/WAStore/ Tanzer:
http://www.wineaccess.com/expert/tanzer/index.html? -- Jeff