The first one, with space for 16 bottles in 48 inches. It's a little crowded, so for subsequent shelves, I made space for 15 bottles, and that makes a huge difference. There are still some bottles that clink together, or don't quite lay flat, but you can usually arrange them to fit. The bottles I used for my Port are the worst offenders.
I would have liked them to fit a little closer vertically, but between the unit spacing on the shelf rails, and the space you need for the bracket itself, that's as close as they get. Perhaps I could have been a little more strategic matching the spacing of the rails with the spacing of the bottles to squeeze things a little closer. In the end I am happy with them. They are the same style of construction as the beer shelves, so theoretically, I can stack beer over here, or wine over there, and they are totally modular, so I can remove them and reconfigure to whatever I need.
The vertical spacing thing doesn't really bother me either, since as you can see, if I make a few more shelves, and can store ~120 bottles of wine, I should just stop.