Bulk aging is not a substitute for bottle aging, nor is bottle aging a substitute for bulk aging. The wine develops differently during each of these aging processes. Both George and Hippie have pointed out some of the benefits of bulk aging. However, time in the bottle will still be required. The following is from a previous post related to aging.
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In general there are two phases to the aging process: oxidative aging and reductive aging. Oxidative aging occurs between fermentation and bottling. Reductive aging begins once the wine is in the bottle. Both phases are necessary.
During oxidative (bulk) aging, the wine is in contact with a small amount of oxygen. This occurs as part of the winemaking process at racking, testing, tasting, fining, filtering and bottling. This contact with oxygen results in a number of chemical reactions, such as polymerization of tannin and pigment, stabilization of color and a reduction in volatile esters. In addition to the ongoing chemical reactions, the wine maker may undertake stylistic actions (sur lie aging, aging in oak or with oak chips). Bulk aging also allows time for the fruit particles to fall out of suspension
During reductive aging, the wine is in the bottle and no longer in contact with oxygen. The oxygen present at bottling will bind with the SO2. The chemical reactions occurring in the bottle begin to develop the wine’s bouquet.