Bottom line: Not damn bad! I'd happily eat them again even without the side benefit of freaking out my cow-orker for whom leaving the crusts on his PB&J is "edgy". This is fortuitous, as I still have one can of eels remaining. :-)
The consistency is like pasta cooked slightly al dente. They're surprisingly homogenous, with no real variations in texture or appearance throughout their little eel bodies.
The flavor brought a bit of a surprise. The oil they're packed in contains a hot pepper, so the eels themselves are spicy! Yum! I can honestly say that the worst thing about the whole experience is that I generally don't care for my food to be packed in oil. I was still peckish after I was done, and genuinely considered breaking out the other can.
Oh, they smell like eels. Once again my poor sense of smell proves to be a boon instead of a detriment! I still ate them in my white-bread cow-orker's office anyway, just to be safe. >:-)