It's been 6 days since I started fermentation, so I decided to pull it out and see how it's doing. Fermentation is still cruising along; I see tons of little bubbles. It smells bready, just like every website said it would using baker's yeast. It doesn't taste bad at all though. In fact, I'd say it probably tastes better than the juice it started out as. It's very bubbly and kind of sweet, like cheap champagne. I have no clue what the alcohol content is however. It definitely tastes alcoholic, but to what degree I do not know. In order to calculate alcohol content, you need to compare the density (specific gravity) of the original juice to the density of the fermented juice. Unfortunately, I didn't know this before starting fermentation and so I didn't measure the starting density of the juice. Once fermentation is complete, I should be able to get a very crude estimate of the alcohol content by measuring the freezing point of the wine.
I plan to let it ferment for a few more days before filtering it and drinking it. Most wine-making sites recommend letting it sit for a couple months after fermentation to clear. But given that I think it already tastes good as is, I probably wont do this. In order to keep the "bottled" product from blowing up because it's still fermenting a little bit, I'm just going to store my wine is the fridge where it should be cold enough to deactivate the remaining yeast.
In all, I definitely recommend trying it if you're underage or if you're just curious about making your own wine. I cut just about every corner I could, and mine turned out just fine. If you actually did everything the websites tell you to, (wine yeast, real airlock, iodophor, secondary fermentation, letting it sit for a year, etc) I bet it would taste pretty darn good.
Also, I should mention, when all is said and done, I think I will have about 5.5L of wine. Excluding the sugar (of which I used about 2 cups and had in my pantry), the cost of the ingredients was a little over $6. This is substantially cheaper than even Franzia ($12 at my local liquor store), so if your goal is to get drunk, I can't think of a cheaper way to do it.
tldr: Almost done. Wine tastes good so far. Highly recommend it for people just trying to get drunk.