Conveniently enough, the April Sunset had a blurb about how to prepare them. First you remove them from the pod (the interior of the fava bean pod is so cushy and velvety. If I were a bean, I'd want to be a fava bean). Then you boil them for 2 minutes (I think these beans were a little mature and would've benefited from a slightly longer boil). Then you remove each cooked bean from its skin. I tossed the finished beans in some lemon juice, olive oil, sugar, salt and pepper and topped with grated Parmesan.
It was quite a labor-intensive process overall, and I didn't think the finished product was worth the effort. But I'm glad for the experience. I've definitely had yummy fava beans in restaurants, so maybe it's just a matter of finding the right recipe.