Fondant is "American" for the Brittish "sugarpaste". As a medium, it is flexible and while it does dry to the touch, it doesn't have the strength and rigidity of gum paste. Gum paste can be rolled out much thinner and has a "porcelain" look to it when dry. It becomes a lot harder than fondant. Fondant/sugarpaste can be used for modeling (sometimes a 50/50 paste with gumpaste is used, but not always) and gumpaste is most often used for flowers/leaves. In addition, you can cover a cake with fondant/sugarpaste, but you wouldn't want to do this with gumpaste. The fondant is kind of like the "frosting" (that can be peeled off in one piece) on a Hostess cupcake-the chocolate one with the white swirl down the middle. When used to cover a cake, you can cut into fondant. Hope this anwers your question. Good luck!
-Alysa
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