To me, it tastes decent, as far as "healthy" cereals go. It has 5 grams of fiber in a serving, and fiber is something I really look for when I'm choosing a cereal based on nutritional value, rather than taste. Sorry, but when it comes to taste, the sugar cereals are it--but they aren't so great on the nutrition.
My two year old daughter is a picky eater, so I am really glad to find something with whole grains and fiber that she actually likes. My husband also liked it, but he's not as picky as my daughter is. I also bought a box of the Cinnamon Oatmeal Squares (the store didn't have Honey Nut) and my daughter likes those too. I must say I like the Honey Nut ones better, though the cinnamon squares are ok.
*I received this product for free as a member of Bzzagent. All opinions expressed are my own.*