My DC & I ordered the Taiwanese Ice one night last summer (or was it the summer before?) on a lark, as we love just about everything we ever order at Taiwan Cafe. We loved it, too, and then ordered it again with a bigger party to discover we were the only ones loving it.
So, when we saw the sign on the wall of specials announcing its return, it was with a hint of trepidation that we ordered it again. This time the whole group loved it.
I don't recall having read any other posts on the topic, so in short, Taiwanese ice seems to me to basically be a giant snow cone, only instead of fruit syrup, it's loaded with sweetened condensed milk, taro, red beans, stewed peanuts, and an assortment of jellies. Frankly, it looks disgusting, but boy is it cool, sweet, and refreshing.