How do I cook with bay leaves?
I don't know how you would describe the flavor of bay--I would call it a subtle savoriness, with a complex aroma.

Bay is very tough--almost sharp.   It is generally not eaten directly.  Instead, the whole leaf (or several whole leaves) are put into a dish or sauce to cook with it, then removed prior to service.

The shortest recipe I have for using bay is in a rice pilaf while it cooks, which is 15-30 minutes depending.   I am not aware of an upper time limit.

Here is a Miami Herald article offering some other perspectives on using bay leaves:

http://www.miamiherald.com/2012/05/30/2823923/cooking-with-bay-leaves.html

As they Herald points out, many folks prefer Turkish bay rather than California bay, because it has a more complex, subtle flavor.

. . . 

I believe custard in Britain had bay as a traditional ingredient--you might make a custard with a single bay leaf to get some sense of what it tastes like without lots of competing strong flavors.

. . .

Update:  Serious Eats Food Lab has just published an article, What is the point of bay leaves? with lots of good information that may be of interest.