There is absolutely a technique to it. Watch Moka Pot Voodoo [1] by the Wired Gourmet. The key to getting good taste is to carefully control the temperature of the coffee puck and flow rate of water through it. Pre-boiling the water in the bottom chamber before dropping in the coffee basket and screwing on the lid solves the first problem: keep the coffee from overheating. Moving the Moka pot on and off the heat in order to maintain a gentle, steady flow solves the second.

[1] https://www.youtube.com/watch?v=u-PeYeiqPLU