It tastes similar to the two Marmites, to Promite and to varying other wannabe mites.. which doesn't help if you are miteless. It's a savoury spread which in itself is a stumbling block for some who are used to putting sweet spreads on their toast. It's made from yeast extract but the closest I could say it tastes is a paste made of beef stock cubes, though it doesn't taste beefy and it it is vegetarian. But that's the kind of
taste it is. Newbies should spread it THINLY (so you can see through it) on buttered toast. It is excellent on rye toast but that's my preference. Have some nice buttered toast with thin vegemite spread on it and a cup of tea.. you won't get any sugar hit/drop from eating too sweet jam or peanut butter, the savoury aspect will be very satisfying.
It is also traditionally eaten with cheese on a sandwich, usually not toasted. People put it in marinades too, but toast or with cheese is the daily life of the stuff. I like to slather it on in thickly but roughly so there will be streaks of it on the toast, and I like to let the toast cool off slightly so that the butter doesn't sink in but is still somewhat solid and visible.. yes I have given this way too much thought. Most people have quite specific preferences for how they eat it, spreading to the corners or butter completely melted etc..
I've tried all the mites and I like them all. The Marmite factory in New Zealand was destroyed in the earthquake and they are just now announcing they are ready to start production again, at one point NZ Marmite was 80.00 a jar on ebay (it's different from UK Marmite).
If anyone wants to try Vegemite I will send them a couple hotel peel back single serves if they send me a mailing address.