Have you thought about going into a well-stocked local liquour store and looking at local wines? That might look a little "fancier" than spending the same money on a nationally-known cheapie wine brand (though I do personally enjoy both Barefoot and Two-Buck Chuck). It'll depend on where you live, of course, but here in Michigan there are a lot of regional wines available in the $6-8/bottle range that are rather nice, and they tend to go over well at parties in my experience just because they are a little off the beaten path.
If you're going with the national brands Barefoot Chardonnay is a great wine for the money, as is Charles Shaw (Two-Buck Chuck) Beaujolais (red, lighter and mellower than a pinot noir).