it does NOT taste like chicken (angry face smiley here)
lobster tastes of (surprise) lobster.
yes to steaming, it's better, but when i was in the hamptons i would get 4 lobsters for $20 (5 x $20 on thursdays), so meh. two for lunch, two for dinner, and boiling is easier.
also steaming takes longer.
honestly i don't get the butter thing, i eat mine plain, without the help of a lobster-cracking tool (my teeth do just fine and yes, i eat the whole lot), if i really could, i'd have a green sauce of parsley, olive oil, and fresh garlic. just a wee bit of it, as dippin sauce.