If you want a web tool, I don't believe such a thing exists. There are some free software options, though.
There is FontForge, but the last time I tried using it was beyond frustrating. I could not get it to run for very long without crashing (and tried across many different operating systems). It's even addressed in the FAQ:
Why is FontForge so unstable?
I don't bother much with doing QA. This is a problem. I don't enjoy doing it, and no one is paying me to do it, so little gets done.
Another is called BirdFont, but I have not yet tried it so I can't give you a personal seal of approval.
There is a lot of careful designing that needs to go into font creation, so I think you'll be hard pressed to find an automated solution that will produce a nice looking font. The tool you linked and any like it are like the "CafePress" of font creation: don't expect polished results.
If you're already comfortable designing things in vector, then you've got a good head start for designing a font, but there are many other behind-the-scenes metrics that you'll need to get comfortable with (see diagram below)
Source: Max Naylor