I really like Satin Ice fondant (very tasty, too), but it's expensive at our local cake decorating store, and to buy it online (less expensive, but then there's shipping), doesn't help if I need it quickly (just a hobby decorator, so don't buy on a regular basis), so I started making my own MMF. I have only tried this recipe, but I like it so much I haven't tried any others.
It uses Wilton fondant as one of the ingredients, so that adds a bit more cost, but I buy it at Michaels with the coupon of the day, so it's quite reasonable.
It makes a good amount, is a dream to work with, stores beautifully, and is great for modeling as it hardens nicely.
The only downside is the flavour is kind of blah, so I replace some of the water with clear vanilla flavouring, which helps.