I was in New Zealand in March, and found the pinot noir from the north end of the South Island to be pretty fat and fruity--easy-drinking stuff. Not exactly my favorite style, but wines from Nelson-based Greenough and Neudorf have serious commercial appeal--in my opinion--and come in under $20. Also, the Waipara Hills pinots (made with fruit from Marlborough and Canterbury) have nice fruit and retail in the U.S. at $15.
The Central Otago wines were something else again. You can find my notes at my website, http://www.winemule.com. The big Peregrine, Chard Farm, Gibbstown, and Amisfield wines tend toward the racy and complex (I'm generalizing, here!) but also have some racy prices. We sell Peregrine, for example, for $35. You can get a pretty good Santanay for that price.
P.S.: I don't know how current this news is, but Herzog in Marlborough has changed its name to Mahara, after objections by U.S.-based Herzog Winery.