What's the deal with Champagne?

To me, nothing symbolizes more that enjoying wine is as much about context, as it is the quality of wine, than Champagne or sparkling wine. Going back hundreds of years, Champagne has been a wine for celebration. Even Dom Perignon, the monk credited with inventing sparkling Champagne (although he did not do so), is credited with saying "Come quickly, I am drinking the stars!" when he tasted his "first" glass. In short, Champagne has a history that signifies exuberance, celebration, joy. But let's be frank -- there's a lot of bland Champagnes or sparkling wines on the market, and yet people will joyfully celebrate the New Year, toast a co-worker or newly married couple with those same, bland wines.

So here's a question: would one rather celebrate a great event with a wine that will be remembered? And is a still wine a better value than a sparkling wine for such celebration?