I'm wondering if MMF has the same consitency as purchased fondant or if it is 'softer', more pliable, and easier to 'mold' for creating figures? I currently use purchased fondant and find it does well but sometimes my hands hurt the next day from 'folding' in colors etc.

i think it is, especially rhonda's version. i prefer to work with it for sure. i also love when i need a lot of the same color and can add the color into the melted marshmallows, saves my hands lot of torture kneading and i can use my ka mixer almost until the very end of mixing