Bison meat is similar to beef and is cooked in much the same way. The taste is often
indistinguishable from beef, although bison tends to have a fuller, richer (sweeter)
flavor.  It is not "gamy" or wild tasting.  Bison is low in fat and cholesterol, and
is high in protein, vitamins and minerals.  Fresh cut bison meats tends to be darker
red and richer in color than many of the other red meats.

The lack of fat ensures that bison meat will cook faster.  Fat acts as an insulator--
heat must first penetrate this insulation before the cooking process begins.  
Marbling (fat within the muscle) aids in slowing down the cooking process.  Since bison
meat lacks marbling, the meat has a tendency to cook more rapidly.  Caution must
be taken to ensure that you do not overcook bison.

Bison may be used with any of your favorite beef recipes if you remember a few
basic tips:

• When oven broiling bison, move your broiler rack away
  from the heat about a notch lower from where you
  normally broil your beef steaks.  Check your steaks
  a few minutes sooner than you normally would.
• If you normally cook your roast beef at 325F, turn your
  temperature down to around 275F for bison.  Plan on
  the roast being done in about the same amount of
  time as with a comparable sized beef roast.  To
  ensure the temperature you prefer, we recommend
  using a meat thermometer indicating the internal
  temperature.
• Ground bison or bison burgers is also leaner (most
  ranging about 88-92% lean).  It will also cook faster
  so precautions must be taken not to dry out the meat.
  There is very little (if any) shrinkage with bison burger--
  what you put in the pan raw will be close to the same
  amount after you cook it.  Pre-formed patties tend to
  dry out faster when grilling. (Hint: the thicker the
  patty, the juicier the burger.)  Although ground bison
  is leaner, there is no need to add fat to keep it from
  sticking to the pan or falling apart.

All meat, no matter the leanness, has enough fat available to cook with it properly. 
The great thing about ground bison is you don't need to drain off any grease from
the pan.

Information taken from the The Great American Buffalo Cookbook
prepared by the National Bison Association.

Broiling - Best for steaks cut from the Round, Short Loin, Sirloin and
Rib.  Start with a hot grill, cook hot and fast.

Braising - Best for roasts cut from the Round, Foreshank, Chuck or
Flank.  Moist heated cooking, using larger amounts of liquid and
low heat.

Pan Frying - Best for cubed or marinated steaks

Marinating - Best for cubed or roasts that are not from the Sirloin

Cooking in Liquid - Best for cuts from the Foreshank, Brisket, Chuck
and Rib, especially for cuts with little meat and a lot of bone
(Back Ribs, Short Ribs)

Information taken from the The Great American Buffalo Cookbook
prepared by the National Bison Association.