Boy, I'm with you--that fondant (even the MMF, which I have tried) is just icky. Thank goodness nobody has ever requested it from me! I don't think I could bring myself to do it!
I'm glad you asked that, I've been wondering the same thing. Like does it work just the same as the fondant. I don't like to cover the cakes with it either! Does it work as well like to make all the little accents on a cake, I thought I'd like to try that instead of fondant if it holds up the same.
I've made rolled buttercream, but only once, and I don't think I did it right, I had trouble keeping it from cracking, and adding more liquid just made it...squishyer.
That's the same problem I had when I made MMF for the very first time, which wasn't all that long ago lol! Maybe it's me, but I still (even with the MMF and it taste WAY better then the wiltons) don't care for that type of texture on a cake. Neither does the rest of my family. That's another reason I thought maybe I'd try the rolled buttercream for accents
I haven't tried the buttercream fondant, but I have heard it is easier to smooth the cracks w/o noticing and that it doesn't break as easily which surprises me a little. I would think it would have a better flavor.
I'm just going to have to make some now to put my mind at ease and see what's it's all about lol. 
I would love love to try this!! Can someone give me the recipe??
I love chocolate rolled buttercream. It tastes just like tootsie rolls! I like even the vanilla version much better than fondant/MMF. It's softer than fondant and leaves a shine on it (from the corn syrup in it I think.) I've molded it, but again, it's softer so you'd need to thicken it up for really intricate designs. Winbeckler uses this for all of his molding I think. It's much more forgiving than fondant I think. I haven't tried it on my family that hates fondant (yes, even MMF) so I don't know if they'd approve of it yet or not 
Kelly
I tried rolled buttercram this weekend. I tested it out on my husband, three year-old, my Mom, and My Dad. They all really liked it. It was much easier than I thought it would be. As far as I was able to figure out you have to roll it out just like fondant 1/4 inch thick. I mage flowers that were amazing. I tried roses and such. It kind of felt like playdoh until it dried. I liked it and I am a buttercream only type of girl.
Go to...
http://cake.allrecipes.com/az/93157.asp
This is a really good recipe for buttercream fondant. It does say to use a mixer with a dough hook, but I mixed it all by hand and it wasn't that hard, and came out great. I think I did end up using more than the called for amount of confectionary sugar, though, so that it didn't have a shine to it.
Great idea Kelly. I add black to chocoate frosting to save color often. If chocolate is OK for the person I am making it for.
I just tried the rolled buttercream on a doll cake because I love the way it looks to have the folds in the dress. I hate the way most fondants taste and I'm not to crazy about the texture either. I mixed it up and it tasted great but I had a hard time getting it onto the cake without tearing. I posted for suggestions and tried everything but I still didn't have any luck. When I added more sugar to keep it together it just ended up cracking and the more I messed with it the worse it got so I ended up giving up. Maybe I just need practice.
I tried it without putting buttercream on the cake first, that did not make for a smooth surface. I did put buttercream on and worked very well for a nice smoth surface.
It is also nice for making flowers. I made tropical flowers on cupcakes they looked great. I di however forget to take a picture of them!
Yes, you can use butter, but that can make it greasier and it will melt at a lower temp.
Rolled buttercream is NOT like fondant. It has no stretch, it tends to be gritty, it's tooth achingly sweet, and it actually melts in heat or direct sunlight. It's also hygroscopic, so it attracts moisture in humid environments.
I've used it for small accent pieces and rolled very thin for cookies, but I'd never use it to cover a cake.
BellaRosa- re: Darth cake. I've made black cakes fondants & buttercreams, & ppl are always fretting about their teeth being black. Also, I avoid the taste of coloring, so I've found that using chocolate basr, bc or fondant, then spraying or brush painting it with black food color works just fine. You can buy can black spray food color, or mix some w vodka & airbrush. You'll use a fraction of black coloring, & ppl will still be smiling afyer. Good luck! BTW, the RBC is soooo sweet, I have not used it since 1st try, I use chocolate ganache, whipped, white or dark, and sometimes modeling chocolate.
Quote by @veghed on 3 hours ago
You have to watch this RBC YouTube "how to" video. Skip to 2:30. It's hilari
Oh, that is great! That has been rolled way too thin [for RBC], not to mention the condition of the cake being covered......and the application is a great example of NO STRETCH. What a mess! My husband's take was that it would take a lot of effort to cover up that crime.
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