OK, now the botanists may shoot me down on some inaccuracies, as may the chemists, but from my understanding;
Iron is available to plants mainly in it's chelated form. Most iron salts such as the common oxides aren't available in the water column and require some chemical conversion by the plants to make them absorbable. Plants possess the systems to do this and will internally stabilise iron fairly easily.
In an ideal world an acidic environment will encourage the iron into suspension, however most of our tanks are on the more alkaline side, and fertiliser mixes tend to be far closer to pH's of 8, and it's fairly easy to end up with insoluble iron salts if the macros get their hands on the iron. This is often avoided by changing the pH of the mixed fertilisers, usually by adding things like ascorbic acid.
The problem we can get in aquariums is that many iron complexes that form are readily available to the plants, but many aren't. So in our closed systems it's possible to get the iron being pinched into complexes that can't be accessed by the plants and there are many, many variables in closed systems.
I can start blathering on about photostability and bioavailablity of EDTA etc, but to be honest my own recollection of the chemistry involved starts to struggle, so I'd be starting to get quite vague.