There are different applications to which different frostings are better suited. The Swiss meringue butter-cream is very well suited to wedding cakes or cakes that need a subtler sugar flavor. However in my opinion there is just no substitute for good old-fashioned icing like what my mom used to make when icing cupcakes and sweeter treats. Here is the recipe that I have found works the very best for me.
1 kg of icing sugar.
A splash of cream
A generous splash of vanilla.
I prefer salted butter in this recipe. It seems to naturally balance the sweetness of the sugar. The amount of cream that you add will of course affect the consistency of the frosting. You may choose to make it thinner for spreading or thicker for piping. Play around with it see what you like best.
I think that the quality of flavoring that you put in your icing is the most important thing. If your butter-cream tastes like plastic no one is going to be impressed about how beautifully white it is. In my opinion a slightly ivory colored icing is well worth the flavor.
You can of course add any variety of colorings or flavorings to this butter-cream and come out with stunning results.