Nose: Earthy peat smoke with some medicinal qualities. Yet, there are still plenty of sweet, floral notes, not overpowered by the smokiness. Butterscotch, vanilla, honey, and lemon. Despite the peat, many of Balvenie's hallmark characteristics manage to shine. Very nice. Palate: Here, the smoke hits harder than on the nose, right off the bat. Honey, vanilla, apple, and melon move to the forefront after the initial smoke dissipates. Oaky. It's a bit thinner than the nose would suggest, but it's still enjoyable. Finish: The heat picks back up on the finish. First it's a fiery cinnamon spice. This is followed by smoked meat, ribs, and bacon. And heavy smoke the whole while. The oak influence makes itself known on the way. Long finish. Overall, this a solid whisky. I've yet to have a peated Speyside that changes the game; and while this one is enjoyable, it falls short of doing so. It's distinctly unique from Islay/Island whiskies; and while it's good, it doesn't quite measure up to the cream of the crop. The nose and the finish are the strong points, while the palate feels like a bit of a letdown wedged between those two. It's a worthy effort from Balvenie, but at the price point, I need just a little more oomph to give it a higher rating. I'll give it a 4.25, down from the 4.5 I was expecting to the give it before running one last trial. I've heard great things about the 2002 vintage, and I will certainly be checking out the 2004 when it hits shelves. If you're an Islay drinker looking for a change of pace, consider trying this one. It's pretty good stuff. Edit: I decided to sit on this one for a couple days and then retest it. I'm going to bump this one up to a 4.5. The palate is better than I gave it credit for this time, which is consistent with some of my earlier tastings. Great whisky from start to finish. It's pricy, but you get your money's worth with this one.