Nose: neat: sweet, honeyed, very fruity, I can pick up pineapple, melon and apples. Also some leather aromas. alcohol very subdued. with (a touch of) water: I think water brings more of the fruitiness to the forefront.
Taste: neat: sweet but much less than what could be antecipated from the nose, with some spice notes (peppery/ginger), some oak as well but well in balance. The fruit notes fade tremendously when compared to the nose. with water: sweeter than neat, I think a touch of water really opens up the taste of this whisky more towards the honey side, toning down some of it's spiciness.
Finish: medium duration, spicy and woody/oaky with some honey notes but very faded. with water: pretty much the same.
Comments: I love this whisky, it was one of the first "greats" I tasted and probably I'm slightly biased, but I'll tell you I've tasted the Balvenie 30 and, to me, this one is more enjoyable (and you can buy 4 bottles of the 21 for the price of a 30... no contest, hands down). Unlike what I initially expected, it does improve slightly (to me) with a couple of drops of water, but as always it's a matter of personal taste...
MY SCORE: Highly Recommended