Actually, I have been aiming for an end result quite similar to pencil and paper. The benefit of using this app rather lies in the tools provided to create the sketches, where you can tweak details and compare them in real-time to the other letters. It also makes it easy to re-use basic shapes to get the whole picture ready quicker. I am looking into more options for export, such as vector output. But since I imagine any serious type designer would want to re-draw the final letters for more precision anyway, it has not been prioritized at this moment.

I just wanted to let you all know that version 1.0 of the app is now in App Store. It is free to use but $2 if you want to use the export functionality, or just support the development. Check it out:
https://itunes.apple.com/app/font-drafts/id983309871

Hi all! I am working on an app as a hobby project, called Font Drafts. As the name implies, it's a tool for sketching typefaces. The app is now in beta state and anyone can sign up on the site http://fontdrafts.com

Have a look and please sign up if you think you can contribute. Also, of course feel free to share with anyone you think might be interested. Thanks!