So.......I'm not a huge fan of commercial bakery ingredients since my customer base is mostly food purists and they reject anything that has an ingredient they can't pronounce. However, those ingredients have their uses and purpose. I've used Rich's Bettercreme on many occasions when I've had jobs where it was in use. People love it and I kinda loved it too for its ease of use and I actually like the way it tastes.
There is a recipe on cakecentral.com that someone created as a substitute for cream cheese frosting. It is an American style buttercream that has I believe white balsamic vinegar added that gives the tang of cream cheese. Haven't tried it yet myself.