While Pappy Van Winkle is impossible to get, W.L. Weller 12 Years Old is available at the LCBO for $44.95. Aged for a minimum of 12 years, W.L. Weller is an excellent buy for the price (sidenote: this is even truer in the US, when you can find it for under $30 a bottle). It's made from the same distillery, using the same recipe (likely), and it is aged only 3 years less as compared to the Pappy Van Winkle 15.
How does W.L. Weller 12 Years Old taste? On the nose there are familiar bourbon, vanilla and caramel notes, but there's a nice dusty hay sort of scent that comes through. If you dig a little too deep, you'll get leather-polish notes. On the palate, the drink is surprisingly complex. The wheat tempers the heavy sugars, providing for a nicely soft but interesting drink. It begins with light caramel, with the sugar mingling lightly on the tongue. The spicy notes are there, and they draw up through into the finish with a nice balance from the oaky sugars. For those that find bourbons too forward-facing on flavour, W.L. Weller will hit the spot.
W. L. Weller isn't your only option for wheated bourbon. The original Maker's Mark and Maker's Mark 46 are both wheated bourbons. I'm especially a fan of the 46, which uses staves within the barrel to provide more oak surface area as the whisky ages. The results are excellent, especially if you like a deep oaky bourbon. The Heaven Hill distillery releases wheated bourbons under the Old Fitzgerald label (which actually has a history going back to W.L. Weller as well), but few of these make it into Ontario.
It's hard to call Pappy Van Winkle over-rated. Rare luxury items are impossible to compare to their more available counterparts. From my brief tasting of Pappy Van Winkle, the 15 Years Old one wins out for me. Pappy Van Winkle 15 perks the palate by tempering the caramel and vanilla-forward flavours found commonly in most other bourbons. The longer-aged Pappy Van Winkle bottles take on too many oaky-vanilla notes, erasing any hint of wheat. They taste more like an old bourbon than a wheated bourbon, and while that's not a bad thing, it's a miss for me because the wheat is no longer being expressed.
I have no plans buy Pappy Van Winkle for my whisky cabinet. W.L. Weller 12 Years Old is a far more affordable and available. Maker's Mark 46 has the thicker mouth-feel that you'd find in Pappy. Both of these are relatively affordable at the LCBO. Comparing the two, Maker's Mark 46 wins out for me for its younger more chaotic nature, but W.L. Weller 12 Years Old is a welcomed addition to my cabinet as a smoother more mature wheated bourbon.