I know fiber lowers cholesterol and can make you "feel full." I was wondering if Metamucil also absorbs fat from food sort of like alli?

Unfortunately, no. But it does help "clean you out", which can really improve the way you feel. Start out at a low dose and build up your tolerance to it though, especially if you haven't been eating a lot of fruits and veggies. Too much fiber too fast will make you very bloated, gassy, and uncomfortable.