I've been using a recipe I got from this site and while it's not bad.. it's not great either... I find after it crusts and I try to smooth it with a viva it doesn't smooth like my buttercream does it gets kinda 'cracklely' if that makes any sense... I'm looking for something that tastes like cream cheese icing but l can smooth to look like fondant...
am I asking too much??

here is the recipe that I use.

1 cup butter, softened
1/2 cup solid vegetable shortening
1 pound cream cheese, softened
1 tablespoon clear vanilla extract
3 1/2 pounds sifted confectioner's sugar
1/2 teaspoon salt

I tried this one last week and loved it!!!! It's absolutely delicious and, although I'm fairly new to this, I think I got it pretty smooth. See my photo -- it's the cake with the music notes around the side.

http://cakecentral.com/cake_recipe-4153-0-Decorators-Cream-Cheese-Frosting.html

i looked at the recipe shared by JGMB, it's not much difference from mine, but i don't have salt added. the amount of PS is slightly different (mine's a bit lower in qtty, i think).

i always had fun smoothing my cream cheese icing, i feel that they are easier to smooth than my BC

this is how my cream cheese icing looks like, on a very simple decorated cake (last minute request, and the customer didn't ask it to be decorated anyway), i think the cream cheese is fairly smooth (not a good pic, but this one is the 'most closed-up'):

http://i203.photobucket.com/albums/aa272/mclaren722/Picture271008999.jpg

designmeacake.com has a nice recipe.

I use the recipe from Earlene's Cakes in Texas. It smooths just fine for me and doesn't crack.

I think:

7 oz. hi ratio shortening
3 1/2 oz cream cheese
1/3 cup warm water
flavoring
2# 10x

Everyone loves it.