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Nose: WT101 has nice aromas coming off the glass: barrel char, oak, corn, hot cinnamon (think hot cinnamon candy, not cinnamon strudel). However, I have always found WT101 difficult to nose because if you inhale too much, it burns your nostrils (though you don't really smell the alcohol - just feel it). And no, I am no newbie to high-strength spirits. I have had many higher-proof spirits that I enjoy nosing.
Palate: Very sweet. All kinds of bourbon sweetness: corn, maple, vanilla, caramel. Wild Turkey brings the heat to balance out its intense sweetness, though! It's very hot/spicy/fiery. Not just rye pepper, not just hot oak, not just high alcohol content. Heat from all of the above, but Wild Turkey goes above and beyond to bring it's own serrano-pepper and hot cinnamon spiciness.
Finish: plenty of sweetness, yet still balanced by the oak and spice. No off notes anywhere.
So, it's a good whiskey. You've got extreme spice and extreme sweetness, but those elements are in balance. There are no off flavors anywhere. The only bad component of this bourbon is the nostril-burning nose. Otherwise, if you want an extreme bourbon and enjoy that really hot cinnamon, then go for it! For me, I enjoy drinking it, but I don't usually reach for it in the cabinet. It's like when it's winter and it's cold and really dry, and you build up static on your body, you don't want to go touch that car door. You KNOW you're going to get shocked. Same with pouring a glass of WT101.