The last couple nights I drank (or tried to) a 2010 Trivento Reserve from the Mendoza region of Argentina that cost me about $10.
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In a word: Yuck. When I first opened it and aerated it, I got a small glassful down. I wasn't crazy about it, lots of unpleasant notes, but it at least tasted like red wine. I thought it might be better after sitting overnight.
I wuz wrong. When I tried it the next night, I took one drink and threw the rest out. Very unpleasant taste. I might have just gotten a bad bottle, but I'm not putting out another $10 to find out.
You can find some decent pinots for $10 (so I've heard, can't say I have), but this one isn't one of them.