Two tone tiers?

Cover tier in base color (white in the picture.) 

I then make a template for the color wrap.  Measure or compute the outside measurement of the tier.  Cut a strip of paper to match the desired height and width.  Fold in half.  That center line is the high point.  Keep the paper folded and draw a diagonal line to nearly the bottom.  Trim away excess.  You now have a pattern. 

Lay it on the color fondant and cut our.  Carefully roll the pointed ends of the color fondant toward the center so that you can pick it up.  Brush a tiny bit of water onto the fondant only where the wrap will go.  Pick it up and apply the tallest part to the tier and then unroll and wrap it around.  Smooth it out. 

Extrude a rope of darker color fondant.  Using a small brush, apply a tiny bit of water to the top edge of the color fondant wrap.  Apply the rope.  smooth it out if needed.

Done.

It's easier than it looks.

WOW!!! What a beautiful cake!!!

Leah, you never cease to amaze me with all of your knowledge about cakes!!! You do make it sound easy but I am sure it would be hard for someone like me.  I am a visual learner so to watch a video of it being done would make me learn it a whole lot faster!!!  There are so many talented people here and I appreciate everyone's expertise so that I can learn new techniques!!!  I am learning something new every day!!!
 

I'd do it pretty much like Leah posted. One more tip: don't use a really soft brand of fondant (that will make moving a large piece much harder), it's also the only way you can roll up the fondant and transfer it (like Leah suggested) with-out problems.