My favourite distilleries are Talisker & Balvenie. I'll second the praise that's already been lavished on Talisker; for a Speyside, though, I prefer the Balvenie slightly more than the Macallan. Granted I've only had Balvenie's 15-21-25 yrs, but I find them to possess a perfumed quality absent in the Macallan's sherry-dominated range (with the Fine Oak series simply splitting the difference). That said, i haven't found a 25 yr yet that can match the Macallan's rich lusciousness. That'd be well worth the pickup, Chris, though I'd recommend purchasing now rather than later, as in most stores I frequent it's gone up by about $70-100 over the past 15 months - falling dollar and all.
My absolute favorite malt is Lagavulin 16.

I've always been disappointed in this malt, though I recognise that places me squarely in the minority. I guess when I go Islay, I want something big, deep, rumbling, and expansively challenging, whereas I always find Lagavulin's offering exceedingly refined and eminently drinkable. Sure it's smoke & it's peat, but it almost plays like a Speyside on the palate.
My favourite Islay, you can guess then, is the Ardbeg (I've had no problems locating the 10 yr even in the control state of NC, btw). Like the Talisker, it's baseline offerings come in above the semi-standard 43% abv. i haven't been able to track down the Laphroaig CS yet (but have the Quarter Cask & 30 yr, go figure), but the Ardbeg Uigeadail CS is wonderfully immense. I taste it sans water, but also in little
little sips, which I tend to find the best way of experiencing a CS. If drinking a flight or conducting a whisky tasting, though, I always save those for last so everyone's taste buds aren't fried out.
As for blends, I know there's a lot of love for Famous Grouse on this forum, but like so many other blends it simply doesn't do it for me - perhaps a personal failing, who knows. I find that the best blends for cocktail purposes are the ones that you vat in your own home. What got me started on the project was a bottle of Teacher's that I really liked but found a wee bit thin. I thought that if I could buttress it with more maltiness then it could end up pretty tasty, so I was able to locate a fairly cheap pure malt - I think they've taken to calling them "blended malts" in the industry now - and vatted it 1:1 with the Teacher's. The result was pretty much dead on what I was anticipating and it's now my go-to whisky for Scotch-based cocktails.
Sorry for the length; first post and all.