It's true that white chocolate isn't "real" chocolate in that it doesn't contain any actual cocoa nibs. Instead, white chocolate is made almost entirely of cocoa butter with sugars and other solids mixed in.
The flavor is milky and light - like eating solid cream. We think it's very smooth and has a great melting quality. Like anything, there are great white chocolates and not-so-great white chocolates out there. Finding one you like requires sampling different kinds whenever you can - what a tough job!
As Lebovitz mentions in the Good Food interview, white chocolate makes a good foil for other flavors. Tart fruits and berries are a sure bet, as are any other strongly-flavored, forward ingredients. It also goes extraordinarily well with tropical flavors like coconut, macadamia nuts, and mango.
Used in baking, we think that white chocolate adds a rounded background flavor. You wouldn't know it was there if it wasn't pointed out to you, but it mellows out other flavors and gives richness.
How do you use white chocolate in your cooking and baking? What are your favorite flavor combinations?