So I've heard the same thing, and it's a concept not dissimilar from the Vinturi (aeration) gadget. Aeration can improve the flavor of some wines.
My gf and I put a cheapo bottle of wine through the Vita Mix, and sure enough, the flavor was improved.
Would I put anything remotely good in a blender? Absolutely not. Mature wines have complex molecular structures that give them flavor, aroma, etc. - those compounds are formed by reactions taking place in the bottle over time. You blend them, and you can damage those structures. For fanatics, it's possible to "bruise" wine.
So 2 buck chuck - Vita Mix. '82 Chateau Lafite? Decanter and then in my gullet.