I've actually been with a number of women who squirt and here's my general experience.
1-Is it like water, does it smell/taste etc? I've read a number of articles on this, and it is essentially blood plasma. The main part is that, now most of the times urine can be mixed in as well. In a vast number of my experiences, it doesn't taste like much of anything, its warm and obviously has SOME sort of taste, but its kind of hard to explain exactly what it tastes like. But it has very minimal flavor. Then, other times, it's urine. So...take from that what you will. haha.
There is also female ejaculate that can be mixed in, or come on its own and this is the creamy one. I've never been with a woman who does more than drip this, but it tastes REALLY good to me. The ones I've tasted have almost a sweet flavor to it.
2-Is it pleasant or unpleasant? Well...the first time it happened to me, it was a bit of a surprise, because she didn't know she was a squirter...so I also didn't know. haha. When I'm in the heat of sex, I find most things that are a bit messy to sexy so it was quite a turn on. Though surprising. If you know you're with a squirter, have her use the bathroom first though, unless you like getting peed on.
3-Kind of covered that in 1, there is two types, but female ejaculate doesn't taste at all like cum...well my cum anyway, since mine is the only cum I've tasted. ha.