We like similar wines - my only problem is I buy a bottle every other day - and these Italian wines or French wines for the most part cost $70 for the good ones - I have been drinking some Shirazs the past month and there are some good wines for under $40 - I mean wines in the low 90 point range - in fact, one Epsilon costs $23 and rates a 94 by WA - maybe I'll try that Pinot Noir someone mentioned - I'm not a huge fan of Noir or Merlot but maybe I have not had anything good - for the most part I look bigger wines.
You can find plenty of French and Italian wines that are good for less than that. Depends on the vintage. Right now the exchange rate is poor so the European wines are more expensive than in year's pass. E.G., 2000 was one of the best years for Bordeaux ever and you could get futures of first growths for ~$300-400 when they were offered. Now, 2005 is supposed to be another great year and b/c of the exchange rate futures are $500-800 for first growth 05s. Mainly b/c of the exchange rate.
I would recommend buying both wine to put down and wine to consume. Typically if you consume immediately or shortly after purchase you are drinking wine that may be too young, hot or tannic. That may suit your palate and if so, great, keep on keeping on. However, if you buy some to put down you can in future years pull the wine out and it will taste entirely different, maybe better to you, and you will be drinking say a $40 bottle of wine that would now sell for $60 or $80.
Price and points aren't everything either. Typically, if you like a producer's wine you will like it in most vintages. Everyone will run after the 89,90, 00, 03 and 05 Bordeaux, but you can find good values in the 01, 99, 95, 96 vintages. An 00, 03 or 05 Chateau Montrose will run you upwards of $200, but I have had 95 Montrose, paid $50 for it and loved it. I guess my point is, if you find a producer you like you can often get "off" vintages for lower prices and enjoy them just as much. Port is probably the best example of this, current vintages of Port are ~$90/bottle but you can get great vintages from the past (70,77, 83, 85, 94) that are more ready to drink and literally the same price, sometimes cheaper. I have stopped buying current port vintages in favor of the older ones. I can drink them sooner (more suited to my palate and like 20 years sooner) and the prices are the same.
Wine Spectator also has issues where they recommend their bargains, which are typically lower priced and still score well (usually in the 88-91 range). You should check it out if you don't already get it.
Some wines are just more expensive too, Bordeaux, Burgundy, Chateaneauf du Pape, Brunello, Barolo and Barbarescos are just more expensive wines and if that is where your tastes lie, you are going to drop more cash on wines. However, if you like CDP, check out some Cote du Rhone, Australian Shiraz or wines from Languedoc. They are cheaper (not the same quality), but they may suit your palate as well. If you like Barolo/Barbaresco, check out some Barberas instead, similar and cheaper, again, not the same quality but there are a TON of great Barberas for a fraction the price.
Oregon makes some nice Pinots, I like Argyle and Bethel Heights and they are pretty reasonably priced.