There's nothing magical about it.
Basically it is very strong alcohol that has certain natural flavoring and spices in it. It tastes a lot like green mouthwash. The stuff in it like wormwood just masks the alcohol so you can drink a lot of it and get smashed. Similar to the herbs and spices in Jager. It's not some "super trip inducing hallucinaginic" like it has the reputation for, but it was popular in the artistic and working class communities of Paris in the late 1800s. Popular for drinking after work. Since it was easy to get wasted every day, lots of drinkers became alcholics, and it was eventually banned. The "druggy" reputation comes mainly from the propaganda used in the prohibition efforts.
There is also a little "ceremony" involved in the drinking of absinthe where sugar and cold water are addded for taste. The clear green absinthe turns cloudy white in water. It is still technically illegal in most of Europe, but in a wink wink way, so it is easy to get. Most of the stuff you will find is crap (that stuff basically is mouthwash) but there are a few small traditional producers (in Switzerland, IIRC). A neat experience if you can find a good bottle and a bartender who knows what they're doing, but no reason to buy a case of it.