Some of the images done in Color Flow here look really great. Can someone tell me how it's done? What's the consistency of the finished product? Is it hard like gumpaste or more like a FBCT?

Oh boy You ?s are somewhat hard to answer

It is a technique from Wilton and the term 'colorflo' is their name for it. A very similar technique is used in other countries and called 'run sugar'.
You make royal icing then you thin it down by adding drops of water until you can remove a spoonfull from the cup, drop it back into the cup & it dissipates by a slow count of 10.
You cover a picture with plastic wrap; trace around the picture with full strength RI then thin some into 'flo'. Using a very small tip (#1 or 2 round) fill in the outline - making sure the flow touches the outline (ease it w/a toothpick) and it is puffed up *almost* until it overflows the outline. Now you let it dry - overnight or longer depending on the weather & size of the picture you are making.
When it is dry it will very easily remove from the plastic wrap. May people suggest using wax paper but I found using plastic wrap results in far less breakage.

Once dried it is hard but still fragile. It is more like gp than FBCT but somewhat in between the two It will stand upright. You can add a toothpick (a kabob stick if it's a big piece) to the back of the item to help it stand.

Wow! Thanks for the explanation. I didn't know either and am excited to try this.

If this is your first attempt, I would suggest you do 2 images. They are fragile, and be careful when peel off. I use the edge of table and slowly peel off.

Thanks for the feedback! So it's basically like decorating sugar cookies but you can lift it off the paper and use it on cakes. Thanks so much!