I have drank it several times. This was not the imitation stuff you can find in some liquor stores either, it was brought back from Europe by my girlfriend. The REAL stuff has a chemical called Thujone which is basically the active ingredient that makes you hallucinate (similar to what THC is in marijuana).
In most local stuff in the US and Canada, the thujone is removed so it's just a funny tasting hard alcohol.
If you drink it straight, it's very strong and terrible tasting...however, if you do the proper absinthe procedure and melt sugar cube on the spoon....mix with a little cold water...it's not bad at all.
It's a very interesting experience and a little goes a long way. The experience is tough to describe, but I definitely enjoyed it the few times I've done it.
The only thing is I felt like a junkie with bent spoons and lighters everywhere the next morning...haha.