So here's what I did, in pictures from my BlackBerry...
I cut it up into bite-sized pieces. The texture was a little like those big scallops, and it didn't smell fishy at all.
The direction on the package said to sauté in olive oil for 10 minutes. This is *wrong*! Over-cooking your octopus will result in a hard-to-chew rubbery texture that will suck. So cook for 3-5 min.
Add 2 chopped onions, garlic, basil, parsley, salt, pepper, and a squirt of lemon juice. You don't have to wait to add them in. Swish these things around. Be careful not to over-cook the octopus. It will get rubbery. Total cooking time should be less than 10 min or until the octopus is just barely cooked. You can also add a splash of dry white wine, but not too much. I added some diced tomatoes shortly before it was ready because I like tomatoes.
I steamed some string beans and added a pat of butter.
It was tasty, but the octopus required some advanced chewing that was a little difficult for me.
I had all 4 of my wisdom teeth extracted a little over 2 weeks ago, and it's still hard to eat foods with certain textures.