i usually buy the 1 lb white almond bark (aka candy coating) at the grocery store. melt that down in the microwave, then add 1/3 cup of light corn syrup. it looks awful when you make it, and a little better when cooled on the counter over night. once you knead it, only then does it look useful!
I seem to have more success if I do this: right after I mix the clear corn syrup (1/2 cup) and melted chocolate (1 lb), I pour it out and let it rest about 20 minutes. When it gets firm enough to knead but is still slightly warm, I knead it. Fat falls out, almost like I'm squeezing a wet cloth. It gets nice and smooth, and I don't save what was squeezed out. I then wrap it and put it in a baggie. Seems pretty consistent!
So far I've had only one failure, only because I was rushing.. But modeling chocolate is really very easy to make.. One bag of Wiltons Candy melts and 1/3 cup light corn syrup.. I posted these in another thread about chocolate clay/Modeling chocolate: these are wrapped and decorated w/ modeling chocolate:
I love modeling chocolate.. it handles very nicely.
I seem to have more success if I do this: right after I mix the clear corn syrup (1/2 cup) and melted chocolate (1 lb), I pour it out and let it rest about 20 minutes. When it gets firm enough to knead but is still slightly warm, I knead it. Fat falls out, almost like I'm squeezing a wet cloth. It gets nice and smooth, and I don't save what was squeezed out. I then wrap it and put it in a baggie. Seems pretty consistent!
I've seen this technique a couple of times here and on the internet. They called it "milking". Most the oil/fat comes out and it's just the chocoloate solids are left to model with. Have tried both ways (milking/not-milking) and have had pretty much equal results on both.
Would love to hear more opinions from CC'ers.
Thank you so much for all the helpful tips!!!!! fondantgrl I can't seem to open the pics you posted : (
it is posted from photobucket.. it should show.. nothing to open..
I always make mine a day ahead. No need to refrigerate. When I am ready to use it, I cut it in smaller pieces and stick it in the microwave for like 10 seconds just to soften it and soft enough to knead.. 
1 more question...do you use butter cream first? How do u get the chocolate to stick?
Just like fondant, to make it stick, a layer of icing such as butter cream must be under it.
Those cakes are incredible! When I rolled it out to cover a 3D decoration, it wanted to crack when I bent it but yours doesn't seem to do that?!
sometimes it also depends on the weather... if it is a little warm, they come out a little softer therefore they stretch nicely and won't crack. OR it might be a little to stiff. Maybe try adding about 1/2 tsp. more of corn syrup.. It is the corn syrup that makes it pliable.. good luck.. 
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