I made the Southern living recipe this past weekend for the top tier of a three tiered graduation cake that I covered in fondant (see my pics). The cake is nice and moist and is absolutely delicious. It got rave reviews. That being said, I opted to only use it as the top tier because cream cheese frosting by nature gets "droopy" much faster than a meringue based buttercream. I was not comfortable putting weight on it. The cake itself would hold up fine, I just didn't want pools of frosting oozing from under the fondant!
The buttermilk glaze is like a caramel that is put on while the cakes are right out of the oven. Be cautious and don't feel like you need to use all of it or you might wind up with a leaky cake. It's very sweet, but yummy. For those that level cakes, you'll wind up cutting off the top with the glaze on it, but a little will seep into the cake, so it's worth it.
Since the frosting is cream cheese, I wouldn't leave it out at room temp. It should be refrigerated.