From 'Baking Buyer' - notes/highlights from the 2009 American Retail Bakery Exposition in Charlotte, NC and "Cake Trends" workshop during the ARBE show. From there I read about Jennifer Atwood Ruiz using a Cricut machine to cut gum paste shapes and lettering. It also apparently works with SugarVeil but not fondant. Read the article for more tips/highlights from the events, and also more with using the Cricut as a timesaver in eleborate cake designs, and more chocolate works and molding ideas from other pastry chefs.
and here for more info on using the Cricut for pastry applications via a CD: I haven't tried using the Cricut for cutting out gumpaste or the bought the CD, but it sounds like it would be fun to experiment with.