Not good, not bad: there is nothing disturbing in this blend and at the end there is a tiny bit of pepper.
I spiced this up by adding 1/4 Ardbeg Uigeadail and that really makes an excellent dram for not much money at 44% Vol. The sherry, peat and alcohol in uigeadail stay on par (although 1/3 would be better, so 2/3 Vat69) and complement the spicy character of the Vat 69 finish.
This blend is not recommendable to drink as it is, because there is not much interesting. But on the other side there is also nothing that messes up the evening (like some single malts do actually) and it is incredibly cheap. So if you're looking for alcohol, go for this one (as it is better than johnny walkers) and if you want to have fun, improve it with 1/4 Ardbeg/Lagavulin/Talisker/Caol Ila to make your own blend!
See ralfy whisky review (youtube) #246 (2012) #359 (2013) #29 (2009)