I hate it. It’s based on the traditional Aussie Vegemite but has to be kept in the fridge (unlike Vegemite, which is so full of salt it could last anywhere). Cheesybite is a mild caramel colour and lacks the saltiness and tang of Vegemite. Kraft says they made Cheesybite so you can spread it without butter. But I spread my Vegemite without butter anyway, as I usually have it on water crackers. I like it thick and plain. I prefer the biting flavour of Vegemite.
Also, Cheesybite has less vitamins, less salt and more fat. It will always be chilled because you have to keep it in the fridge. And you have to eat it within four weeks, whereas Vegemite lasts forever. Fail!