If you are making figurines I wouldn't worry about it. If you are covering the cake with it.. don't use wiltons. YUCK! MMF tastes good though. Really easy too.
i use regular wilton gel colors to color my mmf, just add a lil at a time til you get the color you're after, i have never tried regular food coloring the liquid may make the mmf , too sticky, but i'm new to this too,, soo i'm not sure on that
but, the gel colors work fine, and you can find them at any walmart
I've never made mmf before but people have said it's hard to color the darker colors; I don't know why that is. I make Michelle Foster's fondant and have no problem coloring it. Most people buy their black and red fondant because no matter what you use I guess it's very hard to get those colors 'right'.
I don't know how mmf tastes, some have said it reminds them of those orange circus peanuts. Michelle Fosters tastes like icing to me; just sweet. Oddly though, on a cake it doesn't give me that sickeningly sweet feeling that bc does. The texture is different....most people don't enjoy "chewing their icing".....I can't tell you how many times I've heard that. I LOVE the fondant I make though. It gives the cake more body, makes it seem more substantial. It's kind of like chewing I guess, but not really. I just really like it; I'm one of the few though. I think most people that SAY they don't like fondant were probably introduced to Wilton for their first experience since it's so easy to find, and easier to work with. It tastes like eating car paint, in my opinion!
I'm on a mission to set these people straight on what fondant really should taste like! 
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