I tried MMF for the first time this weekend......OH MY GOSH!!!!! This stuff is insane!!!!! Here is the agonizing story!
I started out with a 9" 2 layer white cake that I had crumb crusted.
I rolled out the MMF and draped it across my cake, I started to press it down next to the cake on one side, and was thinking to myself, "Oh WOW, this is working good.....WRONG!!! The more I worked around the cake the more the MMF started to bunch up, wrinkle and tear at the bottom.
How in the world do you get the wrinkles out from the bottom. I can't figure it out????
This is the first time I have even tried it, and nobody has ever showed me or told me any technique. Any help or advice y'all have would be appreciated! 
Thanks
Connie
You have to cut off the extra before trying to lay it flat on the cake. When applying the mmf to the sides you kinda have to hold the bottom out a little as your smoothing it along. (Hope that makes sense??!!..) Did you let the crumb coat harden? That helps out ALOT when applying the mmf!!!! Keep trying, it gets easier :0)
As for the wrinkles, I keep a cup of water handy and dip my fingertips in the water and use my fingers to smooth the fondant.
I know it helps to raise the cake up so the fondant drapes over the cake board,then you can cut it, and smooth it..Try this link
http://www.cakecentral.com/article22-How-To-Cover-Your-Cake-in-Fondant.html
JoAnn
I can't offer alot of support, I am still learning myself, but it I can I elevate the cake so the fondant hangs down and cut off the extra with my kitchen shears. Then as bodaisy said it is kind of like trying to smooth the wrinkles out of a dress. You hold the fondant away from the cake and smooth down.
The best way to measure how large you need to roll out your fondant is to count the size of the cake including each side. For instance if you are covering a 4 inch high 9 in round cake then you need to roll out your fondant to 17 inches. 9+4+4=17! Does that make sense? I hope that helps. Wilton makes a roll and cut mat that is very helpful. It has all the markings you need on it to roll out to size. I place my mat underneath the clear vinyl I got from Wal-Mart. Works like a charm.
Amy
It just seems like when I lay the MMF over the cake, it wants to crinkle at the bottom, almost like there is to much MMF!!!!!
I will try the methods y'all gave me, which in my mind seem like they should work, and probably do for most people, but I am a whole new ballgame....he! he! I wish I had a teacher at my house....lol! 
Thank y'all so much for all your wonderfull help!!!!
Connie
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