We apply the light-cone technique to electroproduction reaction ep→eπ+n long considered as a means of measuring the electromagnetic form
factor of the pion. We show that the interpretation of the long-standing puzzle
of large transverse cross section (σT) in terms of the γ∗ρ→π transition on the ρ mesons in the light-cone proton is possible, but
requires quite a slow decrease of the F_{\rho\pi}(\q2) form factor. This
interpretation can be tested in the related ep→eπ0p reaction.
Corrections which are due to the final-state meson-baryon interactions (FSI)
are evaluated and are shown to amount to a 25% effect at moderately large
\q2. Vanishing FSI with increasing Q2 - the color transparency phenomenon
- is shown to be very strong