For black, I think after Bxb4 c3, Be7 is the line where white has to prove compensation the hardest.
Evan's Gambit

After captures and c3 I think the two main moves are either Ba5 or the odd looking Bd6. I saw some strong GM play Bd6 and do well, so that's what I'd play... although I have no experience as black with this as I never play 1...e5
craigberger saying Be7 is not wrong either, and I think that used to be the main move or something, but I don't think it's usually played today... or something like that. I think there was an Kasparov - Anand game where Anand played Be7 and got rolled up in less than 30 moves, not that it was because of Be7, just throwing that out there.
Accepting the pawn and retreating to a5 is the most played line these days. Be7 is still far more popular than Bd6.
I've always preferred to decline the pawn, and retreat to b6. Not because it's the critical line, but because it generally transposes to lines (or at least structures) from the Giuoco Piano/Pianissimo. This has the dual bonus of simplifying your repertoire (and reducing your study time), while simultaneously turning a potentially highly tactical game into a slow positional one, which is clearly not what your opponent wants when he opens this way.

I posted a video as a blog on the Evan's Gambit. You might be able to pick something up from viewing it.
Good luck!
http://blog.chess.com/ChessNetwork/chess-genius-paul-morphy-vs-amateur---evans-gambit-video
We have a theme night at my chess club tomorrow, the Evan's Gambit. The starting position is after 1. e4 e5 2. Nf3 Nc6 3. Bc4 Bc5 4. b4. I could be playing the white or the black side. I've gone through some lines during the week, but I was wondering if anyone had suggestions.