Chicken of the Woods is considered a "choice" edible -- especially delicious when young and fresh. Its taste and mouth feel is very chicken-like.  Some of my chef customers have turned it into Fried "Chicken" Sandwiches and Chicken of the Woods Tikka Masala, but you can basically cook it any way you would prepare chicken breast!

Note: A small percentage of people have a reaction to this mushroom, so it's wise to a) cook these well (since undercooking is usually the culprit), and b) sample and wait before eating a typical portion.