Question 1: What is the trick to no creases on the cake when using fondant?
Question2: I bought premade fondant and just added color. It doesn't taste very good though and feels like putty. Has anyone else run into this? And do you have any suggestions?
The best way to get it on the cake with no creases is to put the cake on something raised, so the excess fondant will hang down. Gently open any folds that the fondant gets when you put it on the cake, and smooth it with your hands or a fondant smoother. If you're doing a square cake, smooth the top, then the corners, then work on the sides.
It sounds like you bought Wilton fondant. It just doesn't taste very good. Nothing that you can add to it will help it taste better...but since you put buttercream on the cake before the fondant, the fondant can be peeled off by each person before they eat their slice, and the buttercream will stay on.
I did buy the Wilton fondant. Is there any other kinds out there that you would suggest premade? Or how difficult/time consuming is it to make your own? Does it taste better?
Contrary to what the manufacturer says, Wilton fondant is not made to be consumed . It's awful, 100% awful. Even bugs won't eat it. LOL.
Speaking as someone who used that stuff for the first time to practice, and then made MMF (marshmallow fondant) I can tell you, do not fear the MMF, it's simple to make and easy to work with. Just add powdered sugar and knead until it isn't sticky to touch. If it's still sticky, it's not done yet. Be sure to lube up with plenty of shortening.
The first recipe I tried was the basic MMF recipe which only uses marshmallows, water, and shortening to grease your work surfaces. I now make "Rhonda's Ultimate Marshmallow Fondant" which is just as simple but has a few added ingredients for flavor and flexibility. Others swear by the Michele Foster recipe, and also Toba Garrett's fondant. Many of these can be found here in the recipe section, if not you can google em. Kneading the powdered sugar in can take a while...I think the first time I tried it I did it in about 30+ min. Now it takes about 7-10 min. (But do allow time for it to rest overnight).
For store bought brands, Satin Ice and Pettinice are quite popular around here. People also like Choco-Pan which is actually kind of a white chocolate fondant. All can be found on the internet (including the Cake Central seller Global Sugar Art) and possibly at a local cake or restaurant supply store, depending on where you live.
In my personal opinion, most people pick off the fondant anyway the way Texas_Rose describes, and since I'm not a pro (and thus dont' produce a high volume of cakes for which there's no way I'm going to waste my business' time making up fondant) I haven't bothered to fork over $ for good purchased fondant. MMF is a great, inexpensive alternative for small batches/infrequent use. However even if guests don't eat it, I wouldn't dare put Wilton's on a cake...some people will want to "take a taste" and UGHHH, you don't want to be the one who served them that terrible stuff!! Wilton's is fine, though, for making figures or other accent pieces you know won't get eaten. Handy to buy since it comes precolored in such small amounts.