This is what they said on release when I bought half a dozen.
Penfolds Bin 407 Cabernet Sauvignon (SA) 1998: Lovely cassis fruit on the nose, although it seems a touch tarry and chewy. Nicely rounded on the palate, with good tannins, sweet blackcurrant fruit and a mealy oak edge. The tannins also dominate the finish of this wine, which would also benefit from a few more years in bottle. 16.5+/20 (November 2001)
I've been keeping Penfolds in my storage area for years. The wine is absolutely full of bits of fruit and purple / black debris and makes a pleasing black stain on the bottle after 10 years - the tarryness had gone. Don't keep turning.
I had half a bottle of the 1998 last night after eating my supper. The Tannins and Oak were very well integrated and the blackcurrent was still very abundant. However, no cigar box or black unsweetened liquorice appeared (chewing liquorice root)
A strong ucallyptus and mentholy mint appeared and almost extinquished the vanilla that I wanted. Never-the-less, a nice bottle of wine to be sipped, although "quite reminiscent of expensive unsweetened cough mixture".
Have Penfolds reduced their quality since Seppelt Au Corp (or some massive combine) acquired them ? All I know is that the 1990 and 1995's that I drunk at 12 years or so were much closer to aged Bin 707 which is an expensive wine by anybody's standards - Never had Grange.
Still Recommended for Laying Down, but watch out for the dominating ucallyptus and mint, unless you want it. Decant and stand bottle upright 4 hours before opening.