HI, GUMPASTE HAS ADDITIONAL INGREADIENTS TO MAKE IT HARDER WHEN IT DRIES. THIS IS WHY WE USE IT TO MAKE FLOWERS. YOU CAN ROLL IT VERY THIN AND IT DRIES VERY QUICKLY TO HELP YOUR FLOWERS ALONG AS YOU SHAPE THEM. FONDANT DOES NOT DRY AS HARD AND THIS MAKES IT A BIT MORE DIFFICULT TO WORK WITH WHEN YOUR MAKING FLOWERS. I THINK YOU SHOULD TRY YOUR SKILLS WITH GUMPASTE AS WELL AS FONDANT. YOU WILL SEE HOW MANY MORE POSSIBLITIES IT OPENS TO YOU IN YOUR CREATIVITY! IT'S GOOD STUFF! 
Fondant is used for cake coverings and has minimal stretch. It has the consistency of play-dough, only smoother.
Gumpaste is usually fondant with Tylose (CMC) or Gum Tragacanth added to make it stiffer, stretch more, and dry more quickly. It is used to make flowers (since it can be rolled very thinly), figures, bows, etc.
Good luck with your work.
Michele
Gumpaste is not something you would eat since it dries so hard. Keep that in mind when you use it for decorations. In other words, if you are making pearls on a cake, I would go with fondant. You don't want anyone biting down on something that is hard as a rock. However, ribbons and bows are something you can easily pull off the cake and wouldn't be mistaken as something to eat, so I would use gumpaste for that.
Good luck!
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