Happy New Year to All - La Loggia 2003 Barolo

Well, it is 6pm on New Year's Eve and Aisha and I are about to go to a friends for a meal and many glasses of wine. We will be drinking Pinot's and Champagne, along with whatever our hosts and other guests bring. I doubt there will be any Nebbiolo grapes in the offing, so not much critiquing will be available.
So what did we do, went to Trader Joes and surprisingly found a $12 Barolo. YES I KNOW IT IS NOT GOING TO BE GOOD, but we promised ourselves we would try every Piemonte wine we could, from the ugly to the sublime. So here goes:
La Loggia 2003 Barolo $12 at Trader Joes:
Fresh from the bottle:
Color:
Right out of the bottle it has a ruddy color, no garnet shine as expected from a Barolo. "It looks like blood," Aisha says. It actually looks like blood that is drying up and oxidizing quickly.
Nose:
Strong acids that tickle the nose and leave little remaining. A slight cherry and pepper behind the assault.
Taste:
Surprisingly strong and pleasant cherry flavor behind the strong acid and pepper. No oakiness at all, but I hopeful that it could become something. There is a long and satisfying finish that rolls into blackberry. Might we have another steal at $12?
10 Minutes

Nose:

The nose is losing its acidity quickly, but unfortunately all that remains is pepper tones. No real fruit in the olfactory which is shedding away some of the hope.

Taste:

There is no real change in the structure and while it has only been ten minutes I am concerned

20 Minutes and beyond

Nose:
The nose has lost its acid but gained nothing in return. No pleasantries left.

Taste:
Without any real fruit this wine has widdled down to a peppery flavor that boasts nothing else. It is like a flat Zinfandel with an amazing long finish. Ironically the tongue enjoys the wine much more at about 3-4 seconds from a good chew.

Overall

I guess if you wanted to show off, or pretend to, the $12 is good. Otherwise, I have had better wines of EVERY VARIETAL for under $7. It might be good to pour for 20 people 5 minutes after opening so it had no more time to release its boredom.

A poor wine that I hope we never replicate.