Yes Sue, it is rolled buttercream on this site. I just substituted 1/2 tsp. orange extract for vanilla. You just roll it out like fondant and use your cookie cutter to cut it out and put it on your cookie. You can either put it on the cookie warm or use corn syrup to attach if it's already cooled. You can use fondant the same way.
Steph, it tastes more like buttercream to me, but the consistency is more like fondant, just greasier. But on the cookie it tastes wonderful, not chewy like fondant.
Joanne, here is a link to the recipe:
http://forum.cakecentral.com/cake_recipe-1603-Rolled-Buttercream-Icing-Recipe.html
I just substituted 1/2 tsp orange extract for 1/2 tsp vanilla.
MomLittr, I did have to knead in more powdered sugar to get it to roll better, but I did eventually get it workable. Although I may try half fondant next time.
manatee19- Yes- it does taste like buttercream...but I make it taste more like buttercream by adding 1 tsp of butter flavor instead of 1/2. 
I have never used RBC and I'm going to make a batch this evening to test for a wedding cake. I'm at a toss up to smooth buttercream, use RBC or MMF. The bride is flexible as long as it is smooth. Have any of you used the RBC to cover a tiered wedding cake?
It sounds great, I'd like to try it on cookie boquets for my daughter's teacher. I would not use RBC to cover a cake- way to mooshy in my opinion. Great for cookies!!
Can you use half butter half shortening? I am not a fan of all shortening BC and was curious to know if you can make that substitution.
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