The nose is rich caramel and dry oak; it smells like a lovely, old wheater, much like some of the aged wheaters from Bernheim that were bottled by Willett (though I should note that Diageo has not stated whether this is composed of any wheated bourbons). On the palate, it's very dry and oaky with some acidic notes, and then it just fades away. You get a quick taste of those old wheaters, but with none of the complexity or strength. On the finish, there is lots of dusty bourbon with more great caramel and oak.
This has the nose and finish of a great bourbon, but the palate is just average. My guess is this may have been great at cask strength, but they added too much water. Old whiskeys, especially old wheaters (and this definitely tastes like it has some wheated bourbon components), can be very temperamental with water. Too much water breaks up the complexity and dulls the long-slumbering subtleties while giving emphasis to bitter and/or acidic notes. As it is, it's fine bourbon, but the best thing about it is that it hints at some of the great old ones.