If the current FAQ entry related to PHP hasn't changed since http://web.archive.org/web/20051016231155/http://ftp-master.debian.org/REJECT-FAQ.html, I don't think the entry, and most importantly the phrase « That license, up to the 3.x which is actually out, is not really usable for anything else than PHP itself» can be applied to license v3.01 released *after* that.
IMHO the ftp masters shouldn't be applying such FAQ entry and have to reevaluate the new license instead.
I did have a quite long and extensive chat with FTP Masters and our conclusion was that PHP License (any version) is suitable only for software that comes directly from "PHP Group", that basically means only PHP (src:php5) itself.
(I should note that someone slightly edited it in the meantime, adding a comma and changing its → it's; so maybe they *did* review 3.01 and found nothing else worth changing)