Palate: Sherry with just a touch of sweetness which gives good balance. More of those grainy, woody notes at the end of the palate. Water brings out big fruit notes and some acid; it's like a totally different whisky, though just as good, if not better.
Finish: Sherry on the nose, wood on the tongue. Water brings the fruit and slight acid into the finish which gives a fantastic balance to the whole thing.