I agree with all that
@MissInsomnia says about it above.
Defining sugar dating is complex because such a huge variety of arrangements/relationships are referred to as sugar dating, so let me add a bit to what has already been said.
There is a quite a lot of discussion of what might be called classic or even conventional sugar arrangements at the SA site:
https://www.seekingarrangement.com
There is also one of my takes on it in this VERY brief thread:
http://www.tokyoadultguide.com/threads/differences-between-sugar-dating-and-traditional-p4p.10546/
And
@Ches made a brilliant, imo, post on the topic here:
http://www.tokyoadultguide.com/thre...-a-potential-sugar-bb.10267/page-2#post-52191
The reason, imo, that sugar dating is so incredibly varied in its nature/character and one of its greatest charms is that the term is so new and vague that it lets each couple involved invent an arrangement/relationship that suits them both (or to end it if they can't come up with anything mutually satisfactory). It is something like a relationship without pre-ordained rules but just some vague notion that money and, usually, intimacy will be involved. At one end of the spectrum in can be almost indistinguishable from conventional indie escort-style p4p, and at the other end it can be almost indistinguishable from conventional romantic dating. (Indeed, relationships that are initiated in the sugar bowl turn into conventional romantic relationships more often than one might expect.) However, the more interesting (imo) terrain is between the two extremes that are relatively familiar; lots of sugar relationships feel almost unique, or at least extremely unfamiliar/unconventional, in a variety of ways, including of course the roles of money and sex in the couples' connections.
The better you are at thinking (and playing!) out-of-the-box and the more comfortable you are in poorly defined and unpredictable social situations, the more you will relish life in the sugar bowl, imo. It is sort of the relationship version of one of those games kids sometimes make up as they play it, inventing new rules as needed or inspired by new situations that arise in the game. It is a ton of fun, imo.
-Ww