in the past, the market had a hard time to embrace multicolor fonts because operating systems did not support them natively. So using something like Photofonts was really difficult.
Since CSS webfonts happened, it became clear that web browsers could support other font formats than the operating systems they run on -- SVG Fonts being a notable example. So a number of developments started happening this year, which led us at FontLab to revive the Photofont idea. But we're doing this is a much more comprehensive way: we'll allow mixing vectors and bitmaps within the multicolor glyphs (which will be based on SVG),and we'll make use of OpenType Layout so things like multiple alternate glyphs per character will be possible.
We have experimental code that deals with this "Photofont 2.0", but it's still some months away before we'll ship something.
Of course you can get BitFonter now and start working on your fonts, and you'll be able to convert them into a more modern Web format when we ship a new version of our web converter.
Photofont WebReady currently relies on Flash, yes. So no iOS support now.