I raised and slaughtered the domestic ones. Their meat has no flavor of it's own. Never eaten a wild killed one but I'm sure it has that "wild" flavor.
"Farmed" rabbit doesn't taste of much but wild rabbit has a more defined flavour. It's often described as a "stronger version of chicken" but having said that, it depends on the age of the rabbit. It has a slightly sweet, vaguely gamey flavour and a pleasant texture. It isn't as strong tasting as other game such as venison.
Rabbits are generally sold whole, skinned and gutted – if you can’t quite overcome your squeamishness, ask the butcher to joint one for you. Joints of rabbit include loins, legs, rib, belly, neck, shoulder and saddle, and the kidneys are delicious. Wild rabbits are often soaked in cold water for 3 hours to whiten the flesh. I don't generally bother with this but each to his own.
One thing to watch out for - the shot lodged in the flesh if it's a wild rabbit - not good for you! Look out for plump, pink rabbits that smell nice and fresh. If the rabbit has the head on, check the eyes - they should be bright and clear. Rabbits with bruised flesh or a lot of lead shot damage should be avoided - the meat will have an unpleasant bitter flavour. If the rabbits still have the kidneys in, check to make sure they have a good amount of white fat surrounding them - this indicates a younger, healthy rabbit that has had plenty of food throughout its life.
There has been a lot in the press here about inhumane conditions that farmed rabbits are kept in. A lot of farmed rabbit meat in Britain comes from China - 'nuff said! It's probably better, if you can find wild rabbits in your butchers, to choose them.