Nose: The nose is predominantly iodine, tar, vanilla, and smoke. After a few minutes you pick up the sherry, but it's very faint. It adds just a slight sweetness because there's really no way to mask the strong tar and smoke notes.
Taste: A syrupy concoction that arrives sweet and then gives way to ash, iodine, smoke, charred wood, and tar. It has a really nice, minimally spicy, mouth feel with low heat. It's rather smooth, composed, and refined for a Laphroaig. It's just rich and precise without much pomp. The balance seems perfect. I tend to enjoy just holding this one in the mouth.
Finish: Charred wood, vanilla, iodine, smoke, spicy peat, all followed by a slight nuttiness.
A word of caution. When I first opened this bottle, the taste was rather chemical. By this I mean it tasted rather hot and sulphury. As the bottle level has gone down to the half-way mark, the profit has changed for the better.