Some fair points, but I still disagree overall, and think this is a conditioning from penfolds' prolonged high prices. Yes the 389 has staying power, and yes it has prestige/collectability but there are other wines out there at much better value - the wynns black label for example. In 389 you're paying a premium for that label which I'd argue isn't really worth it. If you judge on quality of wine alone, I still think its overpriced for what you can get in the market.
The same goes for the bin 28. It's been a long time since I thought bin 28 was a good wine.. the early-mid 2000s were when it seemed to start to go south. The more recent (say 2012+) haven't been nearly as good. It's not really a wine I look at at all anymore and certainly not for ~$30 or whatever it often sells at these days. Again, there's so much better wine out there at that pricepoint.
