Anise, a lot of anise! Fennel starts off very earthy, becomes nicely soft/creamy, with a very pleasant amber-musk base. Unfortunately, it's a bit weak in strength.
Very nice, I like it a lot - but it's more "subtle" and unfortunately doesn't last very long. Rayon Vert or Cédrat Céruse do that much better (though both are greener, they lack the creamy softness that is REALLY lovely in the Trussardi..)