Jussi Pakkanen posted the following to the Fontforge list today:

Hi all

I have written a simple program to help creating fonts from images. It is called Glyphtracer. The basic idea is that you give it an image file containing all your glyphs. The program autodetects glyphs in the picture and allows the user to assign each detected glyph with a Unicode code point. These images are then traced to vectors and written to an SFD file. The rest of the work is then done with FontForge.

To make things clear, here\'s a video showing how you can create a font from scratch in about two minutes:
http://www.youtube.com/watch?v=T7x6mtptDAY

Glyphtracer\'s home page is https://launchpad.net/glyphtracer. The program is written entirely in PyQT4 and is currently Linux only.