The loquat fruit tastes something like an apricot, but they're a little more acidic. Not everyone likes them, but I sure do. They're really low maintenance trees, and very special because they fruit in February/March when nothing else is in season. Also, since they're very common and most people don't pick the fruit, you don't need a loquat tree to harvest several pounds. (Ask permission before you pick!)
The bad thing about loquats is that if a hard freeze blows in at the wrong time, all the fruit can be ruined. There's a big loquat tree by my community pool, and last year I bet I was able to harvest 3-4 pounds of fruit, in spite of a really hard freeze (in early January 2010). Unfortunately, this year a really hard freeze blew in much later (early February 2011), and the fruit didn't make it. I don't know why they survived last year but not this year.
Too bad. They're great for fresh eating, make a great jam, they can be used to make wine, and the seeds can even be used to make a 'Loquat Grappa'. Fingers crossed for next year.