So not good but not really bad either.
SPAM is delicious, but it depends on the flavor and the method of preparation. It can be eaten raw, which is unappealing to most (not me), or fried which makes it all that much better. SPAM comes in quiet a few flavors. There's low sodium, which tastes normal but has a strange plastic texture. The bacon flavor is pretty good when fried, but a bit overwhelming on the salty side so I can never eat too much of it. The next is the honey flavor, which was made to commemorate the Monty Python broadway version of the holy grail. "SPAMalot." It isn't really that good, completely inedible unless cooked. There's also the tobasco flavor which tastes like SPAM... with tobasco on it. It's ok. Turkey flavor, it's ok but frankly turkey in the place of pork offends my sensibilities. Teriyaki, made based on the growing popularity of SPAM sushi. All I can really say about it is that it isn't bad, but it is a bit odd. I've never had the wasabi flavor because I never did like wasabi, and I never had the cheese flavor because I think it's new and it isn't available in the store around me yet.
As always, plain SPAM is the best flavor. A bit like a bacon loaf when fried. Raw, it tastes like cold salted ham with a mushy and yet solid texture.