I ate my 2nd DD's placenta.
Uh... tastes like, uh... well... like when you kiss DH after cunnilingus.
It's much better fresh and still warm, immediately after birthing it, so really, try to eat as much as possible then. After it's refrigerated, it isn't quite the same (might just be those birth hormones and euphoria after giving birth, I don't know).
texture is like a thick pudding. I was really suprised that it wasn't tough and chewy.
I used a knife to separate the placenta from membranes, and cut/tore it into bite-sized chunks that I could swallow whole. But I did chew up that first bite and really grossed out my DH!
here's a great website, and what convinced me to try it:http://birthrites.edsite.com.au/placent.html
edited to add that I ate mine raw. I heard that the heat from cooking/drying it destroys some of the beneficial properties. One of my midwives suggested putting it in a blender with vodka and drinking it, and that way you could also preserve cord blood without paying big $$ to bank it.