I think this mostly holds true for what you say about "bad" wine, meaning corked wine or wine that has been sitting around way too long. I think what this rule really means is that one should never use something called "cooking wine" that you buy in the supermarket. When you see these, they usually have all kinds of added stuff, including sodium. You would never actually drink that. Hence, why you shouldn't actually cook with it. 

But Two Buck Chuck? Sure. This rule doesn't mean use expensive wine. It means don't cook with anything you wouldn't want to actually taste on its own. 

No, not really.....of course avoid cooking wine, but if there is a wine that you dont like, or have kept for a couple of days open, and cant drink anymore, use it for cooking. I once used a wine that I kept in the bottle for two weeks after I had opened it, to make an incredible syrup that poured on vanilla ice cream was a restuarant quality dessert.

I like to create marinades for beef that I grill outdoors.  I use the cheapest wine I can find around the house.  If it's already open, then so much the better.  It gets used.  My main purpose, of course, in using the wine in the marinade is to get the acid content.  Who's kidding who?  If you are grilling a flank steak over an open flame, the wine is going to burn off completely.  However, there will still be some tartness from the acid.  The acid also acts as a tenderizer.  Although, for a flank steak, tender is not really the objective.

I admire Rogerpaul's ice cream sauce from a bottle that had been opened for two weeks.  I'd have never guessed that it could turn out as good as it did.

Agree that you don't use cooking wine and agree that corked wines should be dumped.

I will leave this one for the publicly recognized experts to answer:

It Boils Down to This: Cheap Wine Works Fine