Yup - it's bottled at natural strength.
It's a fabulous whisky IMHO.
The nose is rich and thick, full and warming and reminds me of baking cakes.
The mouthfeel confirms the nose and the taste is initially spicy and sweet with a nice underlying honeyed note holding just a touch of liquorice. The sherry comes through in the middle and remains fairly constant thereafter.
The finish is long and warm on the edge of being hot - ginger and cinnamon I thought.
I tasted this at whisky live and it blew away everything else I'd tasted incl. HP30 and a 23yo one-off Balvenie.
It was my must have bottle for 2005 and for as long as I can get it, it will remain a standard in my collection.
For its age and quality I think it is pretty good value.
As someone said - "Buy one to drink and one to keep"