Johnny Walker Blue Label

I was just given a bottle of Johnny Walker Blue Label as an early xmas present from a very good friend of mine. Obviously this was an extremely generous gift and I couldn't be more appreciative, but I'm just curious- is there a big enough quality difference between blue label and, say, red or black label, that the huge price jump is justified? I havent opened it yet. I'm a scotch drinker but i've never had this. I'm pretty excited to try. I may actually go out and get a bottle of red label so I can do a comparison test.