We laid out a step-by-step protocol for this experiment.
Open Bottle #1 early in the day.
Open Bottle #2 right before tasting.
Taste Bottle #1 against Bottle #2, blind.
Decant half of Bottle #2 into a standard decanter.
Pour other half into a Waring Blender and froth for 1 minute.
Taste decanted and "vigorously decanted" wines against Bottle #1, blind.
We used one of our favorite gateway ungrafteds for the test. The Root:1 2007 Cabernet Sauvignon. The Root:1 series includes several wines, red and white. I've found them all to be terrific values. And while they are not "great" wines, they are certainly approachable, affordable examples of the positive attributes of wine produced from own-rooted vines.
I won't bore you with an account of every note for each individual taste because there wasn't much differentiation. There were subtle differences, but nothing experimentally exciting.
But there were two important take-aways:
1. Blending your wine isn't good for bouquet, but did surprisingly little damage otherwise (there's a 10 second time-lapse between each photo, just fyi).
2. Decanting for aeration produces about the same result as just opening the bottle and exposing the shoulder.
It's also worth noting than an hour after the experiment, I couldn't tell the difference between any of the wines.