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. This quantity is crucial for predictions of the
hadronic contributions to the anomalous magnetic moment of the muon, and to the
running of the electromagnetic coupling. But the radiative return opens the
possibility of many other physical applications. The physics potential of this
method at high luminosity meson factories is discussed, the last upgraded
version of the event generator PHOKHARA is presented, and future developments
are highlighted.