On the nose: flat cola and hints of citrus (in addition to the always present caramel and vanilla). On the tongue: one of the smoothest starts, tastes of cola and caramel, and so smooth it leaves through the back room without bothering anyone else. I can see why so many reviews say this is so easy to drink neat; I agree. When I added a little water I noticed the oat. As others noted, this is a pricey bourbon. I'd buy it for the novelty and drinkability, but not for the drinkability alone. Without regard for the retail price, this is a really nice bourbon. Good job, Woodford team!