I think it smells similar to the regular ivory soap, but maybe a little stronger. I use it occasionally, when I first read this thread it made me commit to buying the pewter bicentennial mug...$16 shipped. I think the two will go great together, and my LE bristle 1 will be the icing on the cake.
And BTW the MWF comparison is true I think. I only use Williams and MWF now, those are the two I've settled on.