It has definitely happened to me. Bought year+ old Two Hearted Ale on sale (after it had been on sale for about 2 months) and it was pretty bad. I ended up giving the last 4 bottles away. My roommate at the time didn't think it was so terrible, but that was before I turned him into a complete beer geek.
Cross post from the politard drinking thread:
Originally Posted by MrWookie
I liked Nøgne Ø Imperial Stout, but it didn't floor me in the vast world of imperial stouts that are good.
Since we were talking about it I made this my beer of choice for this evening and came to the same conclusion.
It looks great and smells great. Taste-wise it is a little thin and a bit one-dimensional, although it has a great coffee aftertaste and you can't taste the alcohol at all. Great carbonation as well. A little sharper and less rich than the best Imperial Stouts I've had though.
Its definitely a successful RIS though, so it is a pleasure to drink even if it doesn't hold up to the very best ones.
Adding: reminds me a bit of Victory Storm King. Biggest difference is that a 6-pack of that usually costs me $12 (and on Friday cost me $10) and this was on sale for $8/500mL. I also slightly prefer the Storm King.