I am sure there are going to be a variety of responses to this, but I would say it's OK depending on the size of your cake and the temp/weather where you are. Also, the perishable nature of CC is something of concern - so it depends on your prep time and the venue details.
I tried one in early summer and had some issues with the biggest tier - the frosting was too soft and the fondant slid a bit. All in all it turned out OK - it's the pink tiered princess cake that's my avatar.
I have yet to try it, but I know others are using regular BC and flavoring it to taste like cream cheese frosting - I think it's called "Cheesecake" flavor? Someone will come along and help us out!
I've just been looking in the recipes for a cream cheese frosting myself and there are a few listed, looking at the recipes I'd say they would perform just like a regular buttercream would act (basically the same ingredients), make it as stiff as you need it. HTH
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