Ok, I tried coloring, piping and smoothing tonight and here are my comments on each:
Coloring: I think this is just b/c I was using red but it did not color easily. I don't know if it is because of the amount of merangue in it or not. But overall I think it went okay.
Piping: It pipes great. I did stars since I'm doing these experiments for a different icing on the elmo cake for my nephew and my sister doesn't like regular buttercream.
Smoothing: On a scale of 1-5 with 5 being easy, I'd give it a 3. I think regular buttercream is super easy (i'd give it a 5). This doesn't crust at all so I find that more difficult to smooth. Perhaps after being chilled it would be easier but I didn't try that.
Also, I think b/c it doesn't crust it is probably less forgiving for mistakes.
Final thought on it is, I think I am going to make a regular batch of buttercream but with less crisco and mix equal parts of it with this whipped cream to hopefully achieve a middle ground of light and whipped-like but a bit sweeter with crusting ability.
This is the end of my report. Good night and happy baking.