Looks like lots of wine bloggers have already discovered Trade Joe's, aka Two-Buck Chuck's, wine.

Here's another review from Cheap Wine Reviews:

Trader Joe's is the exclusive retailer of Charles Shaw Wines, better known to most as "Two-buck Chuck". In California these wines sell for $1.99, which is just amazing. Here in Michigan, though, the price was $2.99.
Did we like it? Was it worth the trip?

Hell yes it was! For 3 dollars, I don't think it could have been any better. The Cabernet was great. At first, I found it to be a little sweet, but looking back, I was actually enjoying the salsa with the wine, which probably wasn't a great combination. Along with the Cab, I also purchased some of the Shiraz, merlot, and Chardonnay (reviews coming soon).