I have no idea whether or not many will come by this page again. However for those who are just finding it. I make my own fondant, I find that yes it does have it's cons having to find a recipe that works best for you for one. However I find it much more preferable as then you can control the hue, flavor, and "texture" of the fondant. And for beginners making it can be cheaper sometimes than buying it. Supplier bought is nice, in that yes it has a constant consistency, however which you use I feel depends on the following factors. (My opinion and experience thus far)
Feel free to correct anything I say....I am nowhere near cake master level myself!
-What are you making it for?
If this is for friends and family, putting the effort to make it yourself gives a more personal flair. If this is for say a Hilton staff meeting, unless you have a heavy experience making it.....buy it.
-Your baking level
If you are an at home cook part of the fun is to make something for loved ones. So unless you have specific reasons you cannot (ingredient availability, temperature) I would say give making it a go! professional store grade fondant is something to use in a pinch. If you have the time experiment with it to compliment flavors. I know that locally unless I didn't have a specific baking supply store nearby. I would not be able to find custom flavors. If you utilize flavors outside of vanilla, try an apricot flavoring with fruity cakes. Or perhaps use a champagne flavored fondant to give that vanilla cake a nice twist.
Pros usually know which direction to go for this....part of it comes down to experimenting and finding what works best for you. I highly suggest finding something other than wilton brand to try, and then make your own batch and compare the flavors yourself. do not be harsh on yourself however, it can take practice to make a good batch!
If this is for your own practice for example, depending on locale you can buy some to practice with. However it is nearly the same as working with clay, therefore start there for shape ideas.
I like making mine primarily because I can choose the flavor and color, rather than waiting to acquire a lavender cherry, or coffee flavored batch.
Is the event within a few days, the cake ornate/large? Store bought can save you here! It can be handy not having to worry about having to make it and focusing on design primarily.
Edited by Teaperhaps - 5/20/13 at 12:01pm