Let this one sit in the glass for a few minutes before you nose it, or the alcohol will wipe out any chance of nuance. After 5 minutes uncovered in the glass, I get caramel, honey and vanilla up front, with a hint of molasses and oak hiding in the background. Straight, it's very, very hot and antiseptic, coating the tongue with lovely cinnamon before immediately numbing your tongue and gums more effectively than lidocaine. If you regain sensory presence rather quickly, you'll notice a warm, lingering sweetness with a lot of corn, followed by the caramel and vanilla again. The finish is abrupt and hot, with cinnamon lingering at the end. With water, things are much different. When cut to about 45 % ABV (two parts whisky to one part water), the nose takes on a light, floral smell, which isn't at all indicative of what you'll find on the tongue. The first sip is still slightly numbing, even at this ABV, but is immediately followed by full, rich, heavy old-fashioned caramel. The type of caramel your great grandmother used to make on the stove with pure brown sugar, butter and heavy cream. The type of caramel that some would gladly kil.....oh wait...I've gone a little off track there...er...the caramel is VERY pronounced, and VERY good! The palate lasts a lot longer, and you have time to pick out the little things that were previously hidden by the alcohol numb. There's a surprising amount of spices; (cardamom, anisette and nutmeg anyone?) which are eventually overtaken with vanilla, butterscotch and molasses in equal parts, before leading to a warm cinnamon finish. Rich and full from beginning to end, with just a whisp of smoke right before the numbness finishes up. So why only 4-stars instead of a Unicorn-horn trophy? Two things: 1) I waited a long time before I found this bottle, and I may have overhyped it somewhat. It's good, there's no doubt about that, but... 2) at the $60 price point ($79 here in Alaska) I'm looking for a bit more from a bourbon than an amplified and slightly expanded 12yr Elijah Craig.