Vegemite is delicious. No ifs nor buts about it.

There was, however, an American exchange student at my residential college who thought that the Vegemite was Nutella, and so spread it on rather liberally and took a large bite... tee hee hee. Given its salty rather than sweet nature, besides probably being an acquired taste, he was impressed! As for the origin of the name - I knew once, but have forgotten. Probably somewhere on the web, though, if you're that interested