What's the difference in how it looks and how it goes on? Does MMF go on as a rolled fondant? Can you make figures out of MMF as well? And how long does MMF last? THank you!

MMF and rolled fondant is the same thing. MMF is just fondant.

You can make figures out of it.

I use to make MMF and kept it no longer than a month. It didn't go bad at that point, I just always had it used up by then.

You can freeze any MMF that you don't use and it keeps for ages that way bc it is basically just sugar. If you keep it out for too long it goes very hard and then you need to microwave it before using. I use MMF exclusively for fondant and love it, would not use anything else. It is very versatile, the only thing to make sure of is not to make it to stiff so that you can not roll it out - go easy on the icing sugar, I once made a mistake and it took over an hour to roll out once piece of fondant. I was actually crying at the end!