I'm not sure how many of you have been to FontStruct, but
it's a Flash app that lets you build and download your own fonts, like so:
It's particularly suited to pixel fonts, but some designers have used it to make some incredible vector fonts as well. I've been having a lot of fun making icon fonts with it, like the smiley face font below:
By just typing normal emoticons [i.e. ":)"] you can get up to 224 different expressions. You can download my "emOTTERcons" font by going here.