I really like the wilton stabilized wc icing recipe. It holds up really well and it took color pretty well-you just have to mix very carefully. Here is the recipe:
http://www.wilton.com/recipes/recipesandprojects/icing/stable.cfm
I tried decorating with whipped icing for my dad's strawberry shortcake birthday cake. It was really hard to deal with. I even made a it 2 tier and 4 layers. It slid every which way and didn't hold up to borders really well. Still, it came out pretty nice for as much trouble as it was. I posted the pics in birthdays if you want to take a look. You'll see it was a little frumpy. But it did taste really good.
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