The measurement of the pion form factor and, more
generally, of the cross section for electron--positron annihilation
into hadrons through the radiative return has become an important
task for high luminosity colliders such as the $\Phi$- or
$B$-meson factories. For a detailed understanding and analysis
of this reaction, the construction of a Monte Carlo program,
PHOKHARA, has been undertaken. A brief overview of
the most recent developments is presented, which include the combination
of initial- and final-state radiation in the case of two-pion
production. Baryon pair production is now included and
the pion form factor is extended into the region of large $Q^2$.
A model for the kaon
form factor is discussed which is
fitted to $K^+K^-$ and $K^0\bar{K}^0$ data and which
leads to predictions for the $\tau$-decay into $K^-K^0\nu$.