It's kind of a salty-gooey-yeasty-meat-flavoredy dark, thick paste that you spread on toast. I was prepped by AJ to go into it thinking savory, not thinking peanut-buttery.
I think that pep talk helped (and the tip to spread heaps of butter on the toast first) so I wasn't shocked at the flavor...but happy to report back - it wasn't all that bad. I wouldn't go as far as to say that I'll have cravings for Vegemite - but I wouldn't mind adding it into my brekkie rotation. :)
Kraft foods has been causing quite a stir over here with the launch of their Vegemite / Cream Cheese product. A lot of people put cream cheese on their toast first, and then top it with vegemite - so it was only a matter of time before the combo-product was introduced. When they introduced it on shelf, it had a 'name me' contest for the new product - people wrote in, and Kraft then selected the name 'iSnack 2.o' out of all the entries. There was public uproar - and Kraft decided that the name wasn't worth fighting for - so put up a new site where people could vote on the names. Cheesybite was the winner - and new labels have started to print... I was excited to still see 'iSnack 2.0' on shelf at the grocery store...it should be another 3 weeks or so until we start seeing 'Cheesybite' show up.
For more on the naming controversy - check out the NY Times article: http://www.nytimes.com/2009/11/03/business/global/03vegemite.html?_r=2