The nose hits you first with a dry but fruity sherry backed up with smoke. The palate is milk chocolate with peat (a new M&M flavor?). It's quite sweet but with much less sherry character than I would expect, though some of the sherry contributes to the milk chocolate note. By the finish, the peat has clearly won over the sherry.
This is a decent malt, but the strong sweetness on the palate kicks it out of balance.