I will be for the 1st time venturing into the world of making MMF! 
I am not happy. 
I am not a fondant person but! I thought that it would be a good thing to familiarized myself w/ this sweet beast ...OH WELL! here goes...
My 1st question is, may I make this thing a few (3) days in advance and if so are any special guide lines or procedures? 
2nd question-
I'm using a recipe I found here - is this a standard recipe or are different versions? if there are - please let me know.
TIA 
MMF is basically, sugar and gelatin. Using Marshmallows puts those ingredients easily together.
There are two basic variations of marshmallow fondant. One adds a portion of shortening in the beginning.
Which ever recipe you choose (and i doesn't matter a lot) be sure to hold back a good portion of the sugar. If you add it all, your fondant will be too dry and unmanageble.
There are other recipes for fondant besides MMF. Most cake books have one, there are some in the recipe section, and also on baking911.com
oooooh I like mmf. Lately I've been mixing it with gumpaste. Works great. Helps it to harden better if you're using it for figures and such. I use this recipe... http://www.cakecentral.com/cake_recipe-1949-1-Marshmallow-Fondant-MMF.html
I start out mixing it in my Kitchen-Aid. Then I grease my hands and knead, knead, knead. I've used the mixer for the whole thing, but seems like it wastes a lot of powdered sugar. And I get more just mixing it by hand. I don't usually use the whole amount of sugar it calls for in the recipe.
I've never covered a cake with mmf before, but if I did I would use this recipe...
http://www.cakecentral.com/cake_recipe-3183-Rhondas-Ultimate-MMF.html
Hope this helps some...Good luck!!!! 
No, no don't cry...fondant is the best!! Not to eat, but to work with. I love the look of fondant covered cakes, and it is so fun for making decorations.
As a novice, I thought I'd share the tips that meant the most to me:
1-yes you can definitely make it in advance. 3 weeks, a month, really! Just wrap it tightly in saran wrap, twice, then into a ziploc then into the cupboard. To soften before using, unwrap and nuke for a few secs (some do 10 second increments, just be careful, you don't want it all melty)
2-JoAnnB and krystalp already answered your ?'s about recipes. I've tried both, they are nearly identical but the flavorings in Rhonda's are a great idea if you're covering the whole cake and people want to try to eat some of it.
3-people might not even eat the fondant but who cares, your cake will look great! Just make sure there is enough BC underneath so they will have some icing to eat w/the cake. But not TOO much or it won't support the fondant properly.
4-when you are making it, you will know it's done when it's no longer readily sticky on your hands. I totally didn't "get" this the first time, couldn't understand why it was so darned sticky, couldn't do ANYTHING with it...didn't realize that it simply needed more p. sugar, it wasn't quite "done" yet.
5-Here are two great videos which help give you an idea of how your fondant should work for you:
6-definitely get involved w/gumpaste or gumtexas krystalp suggests, if you are making figures or anything that needs to harden quickly. Esp. anything that needs to hold a shape while it dries, otherwise you might find your spherical shapes sagging into something that resembles a bean bag, for example.
That's all I've got, at least for now. Good luck and most of all: have fun!
I too was very afraid of fondant. Rhonda's MMF is so easy to make and tastes awesome!! I have tried to make and decorate a cake to post 3 times and my family always eats it before I get it decorated! My grandson picks off the frosting and leaves the cake!! (and he doesn't like marshmallows!!!)
Hey, guys-
Thank so much for your advice and tips. 
It's not that I'm afraid of fondant - I just hate to do all that work and most people just toss it...
What I (& most of us) do like is that it is very pliable, the coloring etc...
so please forgive me if I sound like a cry baby... I am really one 
Stay Sweet
donna-I must say I felt like you until I figured out how easy it is to work with MMF!! The first time I made it I couldn't even work with it and it tasted BAD-I do NOT like marshmallows very much. The next time, I greased a big casserole dish, put in my water, some flavoring, about 1/3 c crisco and the marshmallows. I put it in the microwave for about 2 minutes, stirred until melted, added a couple cups of powdered sugar, and made a well of the rest of the ps on the counter. I poured in the warm sticky goo, and worked from the outside in adding the powdered sugar from the well-SLOWLY so it doesn't ooze everywhere.
I keep my hands on the powdered sugar and not on the marshmallow goo because I HATE GETTING STICKY!!!!! EEEEEWWWW!!!! LOL After I mix for awhile, the sticky goes away and I'm left with a lovely ball of pliable, beautiful MMF that tastes REALLY GOOD. I put it in saran and then in a ziploc and let it rest for at least and hour-not always overnight. This stuff colors so easily, rolls easily, and plops onto cakes easily. Awesome-you will want to make more I promise!!
I agree with everyone...I LOVE MMF!!! It tastes great and is easy to work with and it takes color so beautifully!! I find that it gets better every time I make it...just don't make the same mistake I did and try to take a short cut and NOT sift the PS...I did that once with one cup of the sugar and I was picking out clumos for hours!!
I use Rhonda's recipe and it is delicious and very easy to work with. A tip i have is do not add too much shortening when you are working with it or it becomes greasy and too stretchy and sticky.
So my MMF Queens- guess who is EATING CROW?
and TONS OF IT! >>>>Me!
I made 2 batches today using Roslyn's recipe- Ros you are a PEACH! THank you for that recipe- which is now myon...
1st batch -was done entirely in the mixer w/ little kneading.. the result was a little dried ( I hope that I can correct the dryness some how)! but the taste was according to my notes--- FANTASTIC!! crow...
2nd batch- I actually followed the directions! crow.. I was not happy at kneading time BUT! WHEN MY HANDS TOUCHED THE DOUGH OOOOH MAN! IT WAS TO "DIE FOR" I said this is it! CROW!! Sweet MOG I love this baby- it's mine! all mine!
It's not sweet it felt silky in my hands- my babies have been resting for several hours...
guys, don't yell anyone but! MMF is my friend! This is very good stuff -CROW!!! I'M CROWING BABY BIG TIME - BUT IT'S OK!
Forgive me but I feel like I've living under a rock and I've been turning my nose up at MMF! I am VERY HAPPY about this! I'll shut up now but!
I feel like I've just won an award!>>>> 4 being an IDIOT!
TO MY MMF QUEENS - THANK YOU ALL!
Stay Sweet
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