Is the question about the vSphere Feature FT (=Fault Tolerance) or is it merely the general Term and you just want to know whether iSCSI over WAN might be feasible ?
If you're up to vSphere FT, i have only tested this with lab vms with quite good results up to 200 ms (virtual) latency, after that thing went downhill - but this may have been due to my (software) latency tool.
Nevertheless the Primary VMs have been quite reasonably throttled down when we put some load on them since the bandwidth requirements shot through the roof.
Have a look at http://www.vmware.com/files/pdf/partners/academic/fttech.pdf page 17ff "5- Performance Evaluation" for some FT specific values.
Considering iSCSI async mirroring across WAN links you should be good to go - as long as the manufacturer of your box tells otherwise.
I've successfully run an Openfiler drdb over a 250ms WAN link in async mode for redundancy stuff.
If it would have been necessary i'd just start VMs over there on a quick replacement box, but running them locally from remote storage is something that might not work due to the quite high latency issues. At least not for production environments.