I have mixed it with a few different kinds of chocolate whey, it often tastes weirdly like ginger bread, and I enjoy it fairly well. It does not (in larger amounts) taste good with vanilla, and I imagine would be terrible with a few other flavors, but you never know until you try.
I find that the better quality the EVOO, the more burning sensation (similar to that of apple cider vinegar), which can effect the taste.
In terms of fat loss, following this protocol I have lost up to 15 lbs of fat in 3 weeks (no significant lean mass losses) without cardio, but with significant reduction in overall calories.
I have found it to work similarly as well using such a protocol on cyclical keto mass gaining diets, such as the AD.