Insignia -- for a significant fee

Behold. A glass of the 2002 Joseph Phelps Insignia -- Wine Spectator's top wine of 2005. I drank the highly touted wine as part of a $20 five-wine flight at the winery back in December. Twenty dollars is a high tasting fee, but it's not a bad deal at all when you consider that a bottle of the almost-full Bordeaux blend (cabernet sauvignon, merlot, malbec, and petit verdot, but no cabernet franc) goes for a whopping $150 retail. Was the Insignia an excellent, boisterous wine? Yes. Was it worth $150 a bottle? No. The cost-to-quality ratio was way out of whack. (Though it was a steal at $4 for the glass.) Is any wine worth $150 a bottle? $75? $50?