There's cheap Chardonnay and there's cheap Chardonnay. Then there's ForestVille Chardonnay.
At $5.99 a bottle they'd practically have to give the stuff away to make it any cheaper. And while the 2008 vintage certainly isn't going to make anybody forget Kistler or Far Niente or Sonoma-Cutrer, it does give you a shot of good Chardonnay character--pear, red apple, tangy lemon-lime acidity--at prices that wouldn't get you even a glass of those other guys at your trendy wine bar.
Believe me, you can pay a lot more and still get major suckage.