Has anyone made this and how did it turn out? Also, can it be made entirely in buttercream or is fondant required to achieve the look?

I don't know the specific cake that you are mentioning, but I did one for my holiday party this past Christmas. I think it turned out very nice and I received a lot of compliments on it. You can see it on the third page of my gallery on my website www.cakegeek.com.

I used only buttercream on the cake and RI for the snowflakes.