I have never tasted a great quality cake that has been covered in fondant. I love the look, but when I am making a special celebratory cake it needs to taste as good as it looks. I usually use a Swiss or Italian Buttercream and then often cover that with a white chocolate. What is the trick to making a great tasting fondant cake?
It's all about preference. I don't particularly like fondant, so I put a thick layer of buttercream under my fondant. That way you can just not eat it if you want and you still have frosting. You should also try several different fondant recipes before you pass on the whole concept. I really prefer to use Marshmallow Fondant.
I use Rhonda's Ultimate MMF and get a lot of compliments on the taste of the fondant!
The trick is to start with a good tasting fondant, like Massa or Chocopan, and roll it thinly. You can also add flavoring oils like Lorann to the fondant.