In many ways, he was the opposite of Apollo. Apollo was tranquil, Bacchus was mad. Apollo was dignified, majestic and removed; Bacchus was friend of the common man, the slave and the outcast. Perhaps Bacchus and Apollo should be studied together to get a clearer picture?
Astrologically Bacchus does seem to tie into the myth. Many of the people I have seen who have very close Jupiter/Bacchus squares go on serious drinking binges. When it is conjunct a planet, or close to an angle, the person seems to gravitate toward a religion which includes impassioned involvement. There is also a joy at finding ways to express the self uninhibitedly. (Of course, if the rest of the chart shows a lot of blocks and inhibitions, the person may rarely allow this side to come out, yet a longing still exists.)
There is another side to Bacchus, though. I have also found it prominent in the charts of a number of truly artistic individuals who get totally immersed in their work. These people seem to become one with the creative process, losing themselves and the world while they are painting, composing or whatever.
By transit it frequently shows an opportunity to experience great emotional heights, as well as depths. If occurring along with other transits, one remembers this time because of the intense feelings that were produced.