So first off, the smell. The smell is intense. It's like bacon. But it's also not like bacon. It's like hot fat that's been sitting in the sun too long, bathed in preservatives. It smells like it's supposed to smell like something good, and it kind of does, but it also really doesn't.
The flavor is much the same. It's unmistakingly, overpoweringly reminiscent of bacon. But it doesn't exactly taste like bacon. My better half, who is prone to putting bacon bits on his salad, said it was a very recognizable flavor. My palate, however, has not been properly primed to appreciate artificial bacon flavor, so to me, it's kind of narsty.
Nonetheless, I can imagine that it'd be nice in a cocktail, like a bloody mary. I added a hefty splash of Cholula to the last gulp in my shotglass, and that already dramatically improved the experience, so I imagine throwing some tomato juice, horseradish, celery salt and lemon after it would be a boon.
Overall though - I'd recommend going with an actual bacon vodka. Notice how the Bakon website, for all its talk about ingredients, never discloses where the "smoky bacon flavor" comes from. Yeah. That's because that liquor has never met a pig.