What does this taste like? Do you use it in cakes or frostings?

You can use it in either. It's a blend of vanilla/almond/lemon.

Is it similar to Creme Bouquet? I have that and I like it...

I haven't tried Creme Bouquet yet. They had the Princess at Hobby Lobby and I used a coupon, so it was really cheap to see if I liked it or not

I have the princess emulsion by Lorann and I like it. Its a tiny bit more lemony than I thought it would be but everybody raves about whatever I've used it in, cakes, bc, cookies, royal icing.