Cooking with wine is great. Everything about it. It makes the food better, you can drink it while you cook (thus reducing stress of cooking), and I'd like to think it adds some sort of nutritional content to the food. That last one is debatable. But for me, there's some danger in it. I tend to become more interested in the wine than the food.
I've had several smoke detectors installed in my home since I've discovered cooking with wine.