Personally, I have never tried it. I know that when I was a member of eDiets.com they used it in a lot of the shakes that they wanted me to drink. I've heard that it does good things to promote muscle growth.
As far as the taste, they recommend that you mix it with milk and fruit for shakes. I'm not sure if you are still in Phase 1 or not, but if you want to go with a shake option you may have to put it off until Phase 2.
I would think that the whey powder could be mixed into anything (almost like the Fiber Sure Mixing Solution I use) but thats really something you'd have to check into.
Hope this helps!