The stuff I eat raw is more like a firm yellowtail. Very mild in flavor, on the rich/buttery side. I always take cuts from the center of a large abalone (pure white meat) which tend to be firm but not chewy. Texture/firmness/chewiness reminds me a little of a roasted beet or a similar roasted vegetable.
Stuff you'll buy in a restaurant will be different though. Like I said they are smaller abalone and becasue of the cost they usually use the entire thing without much trimming of the black skirt and foot. But I've found the smaller abalone to be more tender around those parts. The larger ones tend to be fairly tough around the skirt.