Officially, no. There are some who claim they can detect the color of
the Peep simply by taste. I tend to disagree, however, last year I
seemed to detect a very subtle nuance in flavor of the blue Peeps.

Although you might expect Bunnies to have a somewhat gamey flavor, they
taste identical to Peeps.

Peeps Eggs, however, have a very distinctive vanilla aroma and flavor.

Peeps Hearts have a pronounced artificial strawberry flavor.