As a lifelong (well, 35 years of it anyway) bird hunter I can tell you that pen-raised birds will have much more internal fat and a much milder flavor than a wild ring-necked pheasant. They will be "gamier" than chicken, but a far cry from the flavor profile of a wild bird.
I hunt mainly wild birds and I do hang mine beforce cleaning as it helps tenderize the meat and, when skinning, helps what little fat there is in a wild bird stick to the meat rather than the skin. I don't hang mine in the British method - by the leg and they're done when the leg pulls out of the socket - but rather for 3-4 days. And if it's too warm outside, I wrap the birds in a plastic bag and keep in the refrigerator.
My best (favorite of the family anyway) pheasant recipe involves halving the breasts against the grain, then pounding into thin cutlets, dredging in egg and flour and pressing either finely choppped cashews or walnuts into the flesh before sauteting in olive oil and butter. I finish with "sauce hongroise" from the Joy of Cooking - it's a bechamel flavored with paprika. With wild rice and yams on the side - a fine autumn meal.
I use the legs to either make stock or slow cook in a crock pot with chunks of root veggies, shred the meat, stir-fry some julienned red cabbage or broccoli and plop into a tortilla skin with hoisin for moo-shu pheasant.
Pheasant also makes delectable deep-fried nuggets - the Davooda children love them.
Enjoy,
Davooda
Life is a garden, Dude - DIG IT!
-- anonymous Colorado snowboarder whizzing past me March 2010