There are many threads about fondant on here; you should search some. 
You may have not known, but there's a search feature on this website:
http://forum.cakecentral.com/cake-decorating-forums-search.html
Just type words like "fondant" and "taste" or anything else you need and there you have it.
I kind of look at fondant like I do gumpaste. It's an added feature of the cake that IS edible, but not necessarily meant to be eaten (unless you are a three year old lol). I really cannot stand the taste and texture of fondant, but I love the look, and I love playing around with it. Luckily, cake is still usually covered in buttercream or another yummy icing as well so I don't think that fondant really detracts from the taste if you don't like it. I have a friend who loves fondant (the taste), so I'll continue to use it for people like her and because I like messing with it. 
It doesn't taste bad, per se, it's just not a texture you'd expect with cake. I think it's because it reminds me of the texture you get when you bite into a baked good and get a chewy piece of egg umbilical cord with it. I hope someone besides me knows what I'm talking about lol.
WILTON FONDANT IS HORRID!!!!!!!!!!!! DISCUSTING!!!!!!!!!! It has this really weird chemical smell.....to me it smells like formaldehyde. YUCK!!!!!!!!
HOWEVER!!!! Marshmallow Fondant is Fantastic! Its just marshmallows, water and powdersugar. How bad could that be??!! This is the website I used when making it for the first time. I never took a class to learn....Peggy (the woman who runs the website) is great and explains it perfectly (just don't put your mmf in the fridge like she says)
http://whatscookingamerica.net/PegW/Fondant.htm
Also, if you just don't like making it or working with it....a lot of us are starting to play with Chocolate Modeling clay and it is SUPER DUPER easy to make and use (you use it just as you would fondant!) and it is just chocolate and karo syrup so it tastes like Chocolate! Yum! Here is the page for you to make that that. Same woman's website!
http://whatscookingamerica.net/Candy/ChocolateRoses.htm
The Wilton Fondant is the worst tasting thing I have ever put in my mouth. I recently tried the CC Marshmallow Fondant recipe and love it. It has a better taste and is much less expensive. The only downfall I have found to this fondant is the difficulty in making it.
Try using Fondx if you want a really yummy flavoured fondant, it's got the best flavour of any fondant I've tried, but I guess it's what you're used to.
Here in Australia, our wedding cakes are usually covered in fondant, and have been for as long as I can remember. I'm not a huge fan of the taste, but I don't mind it either, I know some people who just love it and others who can't stand it, it's just a personal taste thing.
I've not tried the Wilton fondant, because I've been told how hideous it is, I usually use Bakels, because I find it easiest to work with.
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