I have only ever eaten it dried, but last time I was in Portstewart I saw someone collecting it fresh, and got talking to him.
It tastes a LOT nicer fresh. But that's not saying a lot, I mean it still tastes like salty rubber.
As for the content below, that it tastes like bacon?? I mean, yeeeeeaaaaaahhh? In the same way that a used condom might taste of bacon?