I like the flavor=good/taste=good or bad distinction, but I would add that "flavor" has a slightly euphemistic quality for me. Something described as "x flavored" may not come within shouting distance of "tasting like x" -- "Cherry (or Grape) flavored" medicines and sugar-based drinks like Kool-Aid, f'rinstance.

Comedian Denis Leary used to do a bit on NyQuil -- a popular and powerful cold/flu remedy. Back when other brands were trotting out all sorts of "flavors" that still tasted nasty, he loved that NyQuil stuck to its original "Green Death Flavor," as he called it. It also comes in nasty-tasting "Cherry" now.

I read a sci-fi novel years ago that was set in the not-too-distant future and featured a protagonist who was fond of "purple-flavored" breakfast cereal.