It doesn't seem to have what I would consider to be a "spironolactone-smell". It has what I've described in the past as a rather pleasant "earthy" aroma to it (although I was laughed-at once on alt.baldspot for describing it that way). Keep in mind, though, that I'm referring to a batch from several years ago. The formula (and the smell) may have changed considerably by now.
I agree with you Bryan, it does have an earthy smell kind of like a muddy clay. It kind of looks like a mud cream(or mud mask). I would say its odor is very subtle. It does not go on greasy at all.
Proxiphen also has phenytoin in it which is seizure control drug and also listed as a possible carcinogen??? anyone knows how its related to hair loss?