*Caking: (verb) To make time-consuming, hand-gnarling, but beautiful decorative cakes. Term created by DH.
What have you learned in your experience making cakes?
I'm very much a newbie, and here are a few things I've learned:
1. No matter how much you think you don't need to, you really should level your cakes.
2. Always plan to make too much buttercream. Nothing worse than realizing you have to make another batch at 11:00 p.m. and that you're also out of butter.
3. You should probably wear gloves while mixing color into fondant by hand.
4. Shortening is less messy than powdered sugar or cornstarch when rolling out fondant.
5. It's okay to obsess over your cakes.
Here is one that I learned:
Make sure all jewelry is off and nails are short when placing rolled fondant on a cake!
Don't skimp!
Always make sure you have everything you need BEFORE you start.
Plan to finish the cake the day before it is due. Less stress and enough time to redo if need be.
I always have a tendency to roll my fondant thinner that I should so I can get more out or if. I guess it's my upbringing but I hate to waste. There is waste in cake decorating, get over it (note to self).
I love the one about staying up until 1am no matter how early you start! It is SO true!
the bowl slipped from my hand and landed right on my foot. 
I totally agree with keepontryin. I too tend to roll my fondant too thin because I don't think I'll have enough. Also, I have found if I can keep organized and clean up as I go it isn't as overwhelming when it's finally done. I too try to have my cakes done the day before because I am such a worry wart that something is going to go wrong.
I'm a newbie too and I've learned a couple of things this week...
1. I love ganache.
2. Make sure 3 year old is contained or cakes are secured. There is some sort of magnetic attraction between a perfectly frosted cake and little three year old fingers! 
3. I love ganache
4. Nice husbands alone in cake stores equal presents for me!!! (This one was unexpected. He went to pick up another 10" magic line pan for me and came home with that, a t-shirt pan I had been looking for and the nice Ateco professional turntable! Woo Hoo! I had been using that cheapy plastic Wilton thing. Man the Ateco is smooth!) 
5. I love ganache
6. When you bring a pretty cake that tastes good to a function suddenly you know when everybody's birthday is and what their favorite flavors are! 
7. I love ganache
8. Husbands and children are tolerant of your addiction, er, hobby, if you let them lick the frosting off the spatulas when you're done with them and involve them in sampling which white cake will be the best for the wedding.
9. Did I mention I love ganache? 
Fransluvfrosting, what are your feelings on ganache? 
Don't ever say, think of saying or think about thinking "Wow, this one is going SOO well/SOO easy/SOO beautifully....SOO whatever" That will be the cake that ends up bouncing down the steps like a big ol' sugary slinky.
Don't ask me how I know.
Vanessa
I too agree with all of the above and have to add to never save any baking for the next morning when you should do it the night before. I am notorious for leaving one cake to bake "early" the next morning with the intention of getting up at like 4 a.m. -- HA! It just never happens!
Fransluvfrosting, what are your feelings on ganache?
Ummm, it's okay I guess...
I will share the leftover frosting but the ganache is mine! It's my precious! 
I agree with all!
Southerncake, are you my siamese twin, that is me all the way!!
I haven't really adapted to this yet, but every task in advance your time doing cakes or cookies goes so much more smoothly; and your kitchen doesn't look like it went through a cake exlosion this way.
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