The nose has really nice rye notes with pickle juice and caraway; it's nice and spicy but with a touch of sweetness. The palate has a promising start with a nice sweet and spicy balance. Toward mid palate it shows its youth with some medicinal notes; they aren't exactly new makey, but they are the sort of medicinal, raw wood notes typical of very young whiskeys; those notes are pretty fleeting though. The finish is back to that sweet/spicy balance with just a hint of the medicinal notes. Adding water isn't a good idea; it makes it taste like a low end Canadian blend.
This was surprisingly good and balanced for a two year old whiskey. That being said, it's still two years old. It's not bad at all, and it's great to see what the Willetts are up to, but it lacks maturity and still has that young whiskey rawness. This whiskey has huge potential, and I'll be very enthusiastic to try this at four or six years old. With more age, it could definitely be great. For now, it's worth a try, but I'd recommend trying a glass rather than investing in a whole bottle.