I pan-fry the onions until they're soft and getting some color. Just before they get ready to take out, I drain off the excess liquid from the liver, salt and pepper both sides, also with a good sprinkling of garlic powder, dredge in flour, shake off excess, then pan-fry the liver, probably about 2-2 1/2 minutes per side or until it's just done. After I've turned them the first time, I dump the onions on top while the other side is browning. It's luscious!
I have never heard of simmering them in milk before. I'm with you--I don't think that would be my favorite thing to eat, either.
The initial soaking in milk takes some of the strong taste out, and the garlic powder helps a lot, too, as well as being smothered in yummy cooked onions. I haven't made liver and onions in years. Now I'm hungry for it. ha
It's probably the most nutrient dense food on the planet. And cheap!