Yeah...you can bake it into bread and such too...but I just eat it as a cereal.
I've had it as a bread, in pancakes, and as cereal so far. Usually when I have it as cereal I use equal parts water and flaxseed meal (couple of tablespoons, usually), and microwave for 40 seconds, then add milk or yogurt and sweetener. This morning I did it for forty seconds, added a couple spoonfuls of yogurt and a bunch of frozen blueberries, sprinkled the whole thing with cinnamon and a little lemon juice and nuked it again for 30 seconds. It was very tasty.
The first time I did cereal I think I made too much, plus used too much water. It was REALLY goopy...ugh.