I like the tab system in FontCreator that allows you to have multiple glyphs open at the same time. Also, the glyphs are displayed in a separate full screen tab, which I preferred over Type 3.2's floating box: it just makes it easier to see what you're doing. When it comes to mapping the glyph, Type's click button approach means it's harder to make mistakes. However the cut-and-paste process in FontCreator is intuitive, so when you accidentally draw an M in N's mapped spot, you can just cut and paste it into the right place.

Using FontCreator is not hard to get started creating your own typefaces, but you should expect to have a lot to learn. And don't quit your day job just yet: You may not sell the fonts you've created using FontCreator Home Edition, or use them for commercial purposes (like printing on a t-shirt that you plan to sell, or designing a logo for a client). For those uses, you need to purchase $250 FontCreator Professional. If you're planning on using your fonts commercially, you may want to consider $60 Type 3.2, which may not be as slick or as easy, but does include a commercial license.