According to the Splenda website, you cannot really use it for Caramel. They say you can replaced 25% of the sugar with Splenda, but that's not the same thing in my book:
http://www.splenda.com/page.jhtml;js.../tips/main.inc
And maleficent I'm totally with you on hating how equal is not the same consistence but looks like Splenda has the same issues. On the Splenda website site they say you need to replace 1 cup of sugar with 1/2 cup of splenda in cooking. So I guess the search for a perfect faux sugar still continues....