It seems that value Pinot Noirs are like buses; you wait ages for one then a bunch come along together. The 2007 Downhill Pinot Noir, Santa Cruz Mountains is a well made Pinot with nice fresh cherry fruit, balanced with light tannins and a clean, fairly short finish. Like the Sarah's Central Coast that I tried recently it's intended for the trade market; it isn't listed on the winery's web site. The only known retail outlet is Johnny's Liquors in downtown Boulder Creek, where it sells for $16. If you spot it on a restaurant wine list it's definitely worth a shot. Value.
Update on June 21st: According to the comments it's sold out at Johnny's, but is in stock nearby at Boulder Creek Liquors for $14.99