Sure, there are many wines that are overpriced and overrated, and there is a fair amount of hype as well. However, in general, I've found that more expensive wines ARE typically better than low priced wines. The quality variance seems much smaller as price increases. At $50/bottle there are few terrible wines; at less than $10/bottle terrible wines are plentiful. But these are only generalities and say nothing about a comparison of two specific bottles of wine.

Wine preferences, like food, are of course very much dependent on one's tastes. Ratings/reviews from Wine Spectator, Wine Advocate, Wine Enthusiast, etc. are interesting to look at and can provide useful information, but they are no substitute for the individual's palate.