I think it's most similar to calimari steak, but a more buttery flavor. I go diving for it off the northern California coast a few times a year and my favorite is raw, very lightly pounded, with a touch of soy sauce and wasabi (sashimi style). Usually we'll do it with friends in a big group and just fry the steaks in butter, breaded lightly in panko. I've done a sweet miso glaze and grilled. A great appetizer is a strip of abalone wrapped around a piece of pepperjack cheese and sliver of jalepeno. Then wrapped in bacon and grilled.

I dive for it, so it only costs me my time, gas, and abalone license. I've never purchased it from a restaurant (not worth the price, IMO). One 8" (7" is the minimum size) abalone can feed 4 people for dinner if you've got some veggies/sides to go with it. Also anything in the US from a restaurant will be the farm raised abalone between 4"-5" in size. It takes several years for them to get that large and anything beyond that isn't economical to commercially raise. Commercial harvesting/fishing from the ocean is illegal so you have to go dive for those yourself (or find a friend).

Next on my list when I have the time is whole grilled abalone which I've heard is really amazing. A trimmed/cleaned whole red abalone is put over low heat on the grill and continually basted with butter (or garlic butter). Then it's sliced and served. Comes out very tender from what I hear, and you get the true taste of abalone.

The breaded and fried in butter method is great, but it's a little rich and the panko and butter can overpower the delicate flavor of the abalone.