Honey. Lots of honey. On the nose, palate, and finish. I'm getting very little else. Not very complex, though I'm sure someone with more experience can coax much more out of this. Butterscotch? A bit of citrus? The finish is short and dry, but a faint taste of honey comes back to haunt you. "Delicately smokey malt"? Well, very delicately so, then, because I'm getting no smoke of any kind from this. I usually add a bit of water even to 40% whisky, but this, at 43%, I prefer neat. Water seems to give the honey nose an unpleasant (to me) baby sick undertone. Time in the glass doesn't seem to do much. (note: four months later, I'm enjoying this more. Not sure if I'm just getting used to the abundance of honey or if the taste has actually changed a bit since I opened the bottle.)