How do you tell the difference between a $1 steak and a $10 steak?

I'm not a huge wine drinker, but I drink a bit. I feel that price is more about consistency. If you get a $30 bottle of wine, >90% of the bottles are going to be good.

If you get a $5 bottle of wine, there are some good bottles, but most of them are not good wines. I've had some very good bargain priced wines, but I've also had my share of $5 wines that taste like vinegar.

There's also diminishing returns. Generally a $30 bottle of wine is going to be a lot better than a $5 bottle of wine, but a $100 bottle of wine isn't going to be proportionately better than a $30 bottle.