When I first had a dram of Lagavulin 16 yo I thought it was possibly the most wonderful drink I ever tasted. I've got a bottle now and don't find it so incredible. Inconsistent bottlings or the whisky equivalent of reverse burn in?
One serving suggestion I saw seemed like a good idea. You get a glass of chilled mineral water and a seperate glass of straight scotch, take a sip of the water, and then a sip of the scotch. There's just enough water remaining on your taste buds to lessen the impact of the scotch, without really diminishing the flavour the way diluting/drinking it with ice does.
For me, my favourite scotch has to be Glenfidditch 12. I've tried all sorts of scotches over the years, some very expensive - Johnny Walker Blue, Green and Gold, Lagavulin 16, Glenfidditch 21 (a slight blend with cuban rum), and a host of 12yr old single malts, and I keep coming back to Glen 12. It just balances all the right qualities of smoothness, sweetness and a little bit of bite.