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The correct statement about Amontillado is that it has a dry profile and develops a rich, nutty flavor. This style of sherry undergoes a unique aging process that combines both biological and oxidative aging. Initially, Amontillado is protected by a layer of flor yeast, which gives it some of the fresh, yeasty qualities typical of younger Fino sherries. However, as the flor dies off, the wine is exposed to oxygen, allowing it to develop deeper, richer flavors, leading to a complex, nutty character.

In contrast, the first statement regarding it being a sweet wine with a significant amount of flor is misleading, as Amontillado is indeed a dry wine. The mention of it being aged less than three years in cask is inaccurate, as true Amontillado typically requires longer aging. Similarly, describing it as a "suburban variety" is not applicable, as Amontillado is a specific style of sherry rather than a variety of grape or a wine associated with any particular region outside its production area in Jerez.