This wedding cake was a lot of work but worth every minute. I made this cake for my wedding in June of 08 and the guests loved it. I will say in advance that the bottom two layers are fake. My guests did not eat this cake, instead they ate cupcakes since I know most people don't care for fondant taste.
I purchased the cake pans from a local store and baked cake in just the top two layers. One to keep for our 1 year anniversary and one to cut into.
I made the fondant after the cake cooled and (believe it or not) I iced the largest cake pan and covered it in fondant. I did the same to the next size cake pan and placed that on top of the bottom one. I did the same with the next two tiers except covered the baked cake with icing and then with fondant. (The icing helps the fondant stick to the cake).
Decorating the cake was fun. I used yellow ribbon to go around the edges of the cake. I put white icing on the back of the ribbon to stick to the cake. Then (because we were not serving this to our guests) I used hot glue to glue the flowers to the bottom and the second tier. I hot glued the wedding rings to the bottom tier ribbon. For the top I iced our initials into the cake and used icing to hold the ribbon spiraling down the cake. If you were serving this to guests you could have used gum paste to keep the flowers sticking or just stuck them into the cake.
All in all this cake took 6 hours from start to finish. The longest part was making the fondant itself. I got great reviews from our wedding guests on this cake.