http://blog.eckraus.com/wine-making-bread-baking-yeast has some good information
Essentially Baking yeast is vigorous which means it creates a lot of gas which will strip your wine/beer of all aromas that you are looking for.
Secondly it has a very low alcohol tolerance. Your beer and wine will end up with incomplete fermentation and huge amounts of residual sweetness.
Thirdly if the wine has less than 10% alcohol, it will be prone to infection. Achieving 10% levels through bread yeast is not possible. So you will have to stabilize through food preservatives.