Yes, you can use it to decorate. I suggest having more then one bag ready, as it is heat sensitve from being held in your hand.
I use Italian meringue in most of my cakes, this icing is great to cover your cakes is very smooth, but I use BC to make the border because it gives me more definition when i pipe. here is a picture http://www.cakecentral.com/modules.php?name=gallery&file=displayimage&pid=1443868
I just used Italian meringue for the first time. I found it really sticky and I couldn't get it to ice well. I also noticed it getting really firm in the bowl while icing. Did I beat it too much? What happened? Also, can it be frozen once iced on a cake? Thanks in advance if anyone knows about it
IMBC is not sticky at all. And it definetly doesn't get firmer on sitting. If anything, it would get softer, cause of the butter. Can I ask what recipe you used?
Oh wait a minute, you said Italian meringue as in just the sugar syrup and egg whites. Hmmm, I don't see how it would get firmer while sitting, unless you don't have it covered with a damp cloth. It will start to dry out and get firmer. And, no I don't suggest freezing it. it will break down.
IMBC is the best thing to happen to sugar and butter! So smooth and decadently yummy!
i tried icing a cake with Italian Meringue once ... it was not easy. After a few hours, a huge bubble formed in the side of the cake ... my first blow-out! There was no saving it because like you said, it gets all sticky.
http://www.cakecentral.com/cake-photo_1533231.html
I LOVE Calvin & Hobbes and how you used to do the Snowmen. What a great cake! Love it.
And Rene1976, work fast and have it covered with a damp cloth, that has been rung out really good. you don't want any drippage from the cloth. Think of RI.
And another thing, try pipping on the Italian meringue as ooposed to trying to putting it on like buttercream. Just use a really big tip. Much easier and cleaner. HTH.
rene1976... what is your recipe? It sounds like you are using one with little butter in it (or none at all?). I use SMBC and it nevef gets a skin on it if it isn't covered and it isn't sticky. It sounds to me like you are using a 7 minute icing... which is just sugar, eggwhites, sometimes corn syrup, vanilla, and cream of tartar. That stuff, while delicious, is really sticky and you can't really decorate with it. Smoothing it... forget it. It's not the same a meringue based buttercream. 
From Scratch: It is a simple recipe I found. Corn syrup, sugar, vanilla boiled then poured into egg whites. I hated it. It tasted really good but a pain to work with. Plus, I wasn't sure what it would be like if on a cake stored in a cake box. I will definately try a BC version. Thanks to all the feedback! Oh, when on a cake, can it stay on the counter for a few days? The BC version?
From Scratch: It is a simple recipe I found. Corn syrup, sugar, vanilla boiled then poured into egg whites. I hated it. It tasted really good but a pain to work with. Plus, I wasn't sure what it would be like if on a cake stored in a cake box. I will definately try a BC version. Thanks to all the feedback! Oh, when on a cake, can it stay on the counter for a few days? The BC version?
Okay, that's just Italian Meringue (aka 7 minute frosting). To turn it into Italian Meringue Buttercream, you have to add unsalted butter. Just the meringue itself is great for pies (i.e. Lemon Meringue Pie) or as a frosting on a non-decorated cake (makes great swirls), but it's not meant to be used as a smooth frosting or for decorating. IMBC, however, is. I use IMBC on all of my cakes, it frosts and decorates beautifully!
prterrell- do you use IMBC under your fondant? I haven't yet and was wondering if it would hold up to the weight of fondant?
Thanks
clb - yes, I do. It holds up very well and I think it tastes wonderful with the fondant, as it is more buttery and the fondant is just so sweet. I refrigerate the smooth-iced cake for at least an hour before applying the fondant to resolidify the buttercream, this allows the fondant to go on without smooshing the icing underneath.
Thanks for sharing that tip! I will try my fondant battle again later this week and use the IMBC...yes, it is so yummy! 
rene1976... I had a feeling you were working with 7-minute icing. That stuff is a nightmare if you are trying to smooth it... it's juts not meant for that sort of an application. It tastes fine... it's just SOOOOOOOOO sticky.
You will find the IMBC or SMBC much easier to work with to smooth. It shouldn't be left out on the counter though for more than a day. I chill all of my cakes.
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