Julia Child is attributed with the line about 'not cooking with wine that you wouldn't drink'. In 2007, the NYT did their own "test kitchen" of cooking with some very cheap, unappetizing sipping wines as well as very expensive bottles and found that both the "gross" wine and the high quality wine both made tasty food.
Personally, I am of the camp of cheap wine for cooking. Opinions of others? Any stories of cooking with cheap, meh wine and not producing good food?
(The NYT article for those interested, http://www.nytimes.com/2007/03/21/din...)