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Just the thought of drinking it makes me gag.
I also think it depends on how much wine you are using and what the purpose of the wine is. If you are just adding a splash I think it can be cheap wine. If it is the main part of the dish (like braising short ribs in red wine) then you need to go with something better.
Also salt is a preservative which is why it is in cooking wine. Salt doesn't reduce down when the alcohol evaporates so you are getting an even greater concentration of salt. And I am sure it isn't good sea or kosher salt...probably iodized.
In place of wine in many dishes, you can use broth, water, or juice.