Sherry-forward. Definetely you can identify the PX character at the nose. Smells of raisins, prunes, dried fruit, nuts, and some acetone. On the first taste it brings sweetness, a licorish follow-up, then comes the apricot, a litle bit of toffee, and caramel. The finish is long, oily, full bodied. Spices like cloves and nutmeg arrive. Keeps going for a while, not too bitter aftertaste. This one is not hot at all, considering its 48% plus AVB. Great addition to the Balvenie lineup. A little expensive too: I bought this one for $220 at London Heathrow. Worth it? I believe so, specially if you are a Balvenie fan like me.