I was ready to scrub it off right after I tested it, because of my not so pleasant encounter with the original Polo, but this is actually quite wearable.
It's a very green fragrance. It starts off with spicy basil, and when the topnotes have settled down, you can smell the pine, which links it to the original Polo. The drydown is remarkable in the sense that it is totally the end stages of Bulgari Pour Homme! The translucent pepper/white musk combo is definitely there.
I couldn't wear the original polo. The pine is so harsh. But Polo Modern Reserve does what it promises to to: it makes the original Polo wearable in the next century.