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The Wilton cake decorating method is the most common way of decorating cakes. Yes, there are other ways to do it. For example, there's the Lambeth Method and the Australian Method. The Wilton method, however, is the one you see displayed in shop windows. It's the one that you learn when you take a class in a craft or hobby shop. Frankly, it makes the most beautiful and interesting cakes.
There are a couple of things that make the Wilton method different from other approaches to decorating cakes. The first is the kind of frosting that's used. The second is the kind of pan that's used.
Most methods use royal icing. This does actually allow for more intricate designs. With the Wilton method, however, buttercream frosting is used. Since buttercream frosting is heavier, it can be used to make larger, more ornate designs. A design can have large flowers or animals.
The second (and most interesting) difference between the Wilton cake decorating method and others is that the Wilton approach to designing cakes actually uses shaped cake pans. With other methods, only square or round pans are used. With the Wilton take on cake decorating, pans can be shaped like trucks or horses or cartoon characters or anything you please. With other methods, the artistry is all in the icing. With Wilton, the cake is part of the art work too. You don't just draw a car in the icing, the cake itself is the car and the icing is the car's paint job.