The Flavors of Oxidation
The majority of the stale flavors that develop as beer ages are the result of oxidation. Molecules of the various flavor compounds and alcohols within the beer undergo a chemical reaction with oxygen to form the molecules responsible for the stale taste. Fusel alcohols, acetaldehyde, and trans-2-nonenal are the primary culprits responsible for the majority of off-flavors associated with stale, oxidized beer, but other compounds also contribute.
The specific way in which oxidation impacts the flavor and aroma of beer depends on many details specific to the particular type of beer that is experiencing oxidation. If trans-2-nonenal is formed in a lighter beer, it may cause a papery or lipstick-like flavor. Trans-2-nonenal (an aldehyde compound) has a flavor threshold of about 0.1 ppb. The aroma characteristics of many lighter beers can also be affected by oxidation. The malt character initially present in the aroma of a fresh beer may change in a way that causes the aroma to be perceived as somewhat honey-like. This is due to the formation of 2,3-pentanedione. While this may not necessarily be unpleasant, it is probably not what the brewer originally intended.
Darker, fuller-bodied beers tend to be affected differently by oxidation. As a darker, fuller-bodied beer becomes oxidized, rich malt flavors and aromas are replaced by sweeter, sherry-like flavors. These sherry-like flavors are the result of the oxidation of the malty-tasting chemicals in beer called melanoidins. Darker, fuller-bodied beers contain lots of melanoidins. The oxidation products of melanoidins are myriad and have a wide range of flavors. One of the products of the oxidation of melanoidins is benzaldehyde. Benzaldehyde has an almond-like flavor and is a primary contributor to the sherry-like flavor in oxidized beer. A small amount of these sherry-like flavors may add complexity to the flavor and aroma of certain strong beer styles like dark Belgian ales and barleywines, but even a small amount of these sherry-like flavors is usually not considered appropriate in lighter, lower alcohol beers. Even in darker, fuller-bodied beers, too much oxidation of the malt melanoidins will eventually cause the original rich malt flavor of the beer to take on a more toffee-like taste, and then, eventually, to be lost altogether.
Another flavor that may be caused by oxidation is the buttery/butterscotch flavor of diacetyl. Diacetyl is formed by the oxidation of alpha acetolactate (a normal by-product of yeast metabolism). Many breweries use brewing techniques to prevent the presence of the alpha acetolactate precursor in the finished beer, but some breweries use techniques that allow this precursor to be present. If alpha acetolactate is present in the finished beer, it will eventually oxidize to diacetyl, and the intensity of the characteristic buttery/butterscotch flavor will increase as the beer ages.