I had a chance to a get a crash course in wine over a decade ago from a fellow engineer.
Basics: There is a lot to be learned from the label. (This is specific to California but is generally used)
Statements of geographical origin are also subject to regulation. To be designated as a “California” wine, 100% of the grapes used in the wine must be grown in that state. To bear a viticultural area designation such as “Napa,” “Sonoma,” or “El Dorado County,” 85% or more of the grapes used must be grown in the designated area.
This wine shows a very specific geographic region which is a hallmark of quality.
If a California wine label identifies the product as a varietal wine, 75% of the wine must be made from the named grape variety. In order to bear a vintage date, such as “2008,” 95% or more of the grapes used in making the wine must be harvested in the year stated. The other 5% may be from other vintages used to top off wines in barrels.
This bottle is listed as "Produced and Bottled By .... " This has a legal definition meaning at least 75% but likely less then a 100% was entirely produced by the winemaker. This is another hallmark of a high quality wine. .
“Estate Bottled” and “Grown, Produced and Bottled by …” each mean that 100% of the grapes used must be from a vineyard that is owned or controlled within a viticultural area where the winery is located. These designations by a respected winemaker often denote a higher quality wine, since the entire product was produced by that winemaker.
“Produced and Bottled by . . .” designates that the bottler made, fermented and finished at least 75% of the wine. “Made and Bottled by . . .” means that the bottler made, fermented and finished at least 10% of the wine. Again, the extent to which a winemaker participated in the production of the wine often can be an indicator of quality.
“Cellared and Bottled by . . .” or “Vinted and Bottled by . . .” means that the bottler made less than 10% of the wine and possibly did not make any of the wine. This designation often refers to wines bought in bulk from other wineries and bottled under the label of a winery that had no involvement in the production of the wine. (Thanks to M. Fate)
Of course Alcohol is terrible for you, and you should choose intoxicants that have fewer harmful effects on the body. But, if you do buy wine, the the legal requirements of labeling can give you insight into the product.