I'll try.....
instead of trying to drape the fondant over the top and have it just naturally fall along the sides, I would roll it out slightly small, and then smooth it down the sides while holding the bottom edge up away from the cake, so that the bit that will be the finished edge is NOT the edge of the rolled fondant..there will be extra to cut off, and you have to sort of stretch and push it into place with a smoother (they work really well) or your hands.
If someone knows a better way, I'm all ears!!
Here's a suggestion: The was thread w seek or so ago that lead to the ateco usa web site and some video demos...one was applying fondant. Could be useful...off the top of my head it oculd be ateco.usa.com, but search google or search for the discussion here....good luck! Practice, practice, practice...the key to fondant...
http://www.atecousa.net/learn/satin_ice_1.shtml
Here ya go, I've watched it quite a few times now, will doing my first practice cake this week 
I only use fondant on all my cakes and I just looked at the instruction video posted above. It is fantastic. That is exactly how I do it.
Have a watch of that, it will help.
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