Here is my whiskey recipe:
1) Place a solution of 40% alcohol and 60% water in a jar.
2) Take a piece of wood and char it good.
3) Place the stick in the jar.
4) Set aside for a few months.
It is very simple.
Bourbon (and Tenn Whiskey) are of course subjective when it comes to taste preferences. Many Bourbons have a hot peppery taste, for example Wild Turkey 101. Having said that and granting that the consumer decides where to spend their money, I would suggest that there are numerous Bourbons that cost the same or less than JD #7 and taste better.
For example: Old Grand Dad (BIB), Evan Williams Single Barrel, Buffalo Trace, Wild Turkey 101, Old Forester Signature, Eligah Craig and Four Roses Yellow Label. For a little more money there is Bulleit, Four Roses Single Barrel, Knob Creek, Wild Turkey Rare Breed to name a few.
Some on this thread are confusing Bourbons/Tenn Whiskey with Rye or High Rye and/or Wheat mash bills. Not that there is anything wrong with those but they are not Bourbon or Tenn Whiskey. Also, Scotch is a Whiskey (or Whisky) and Bourbon is a Whiskey. Vodka is not a whiskey. Although Scotch is a whiskey, it is not a fair comparison to Bourbon because the mash bills and other production methods are are different.