The fondant is just like play-dough. It's sticky and dry at the same time.
I haven't tasted the boxed stuff ever before, but I hear it is almost unbarable to eat (but some people do eat it). The bow and curly cues are made with the boxed stuff, and the white stuff is made with a special recipe using marshmallows (I haven't tasted it yet, but people say it's very good).