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The idea is that you should be able to take an open-source font that's free to redistribute, then convert that to a typeface.js font (basically the outline information and metadata in JSON format), and then use that font on your site just like normal, with plain HTML and CSS.
It even works. Here's the site for the project, and it uses its own library to draw its own graphic text:
There are a few cool things about it, it seems to me. One is that you get consistent rendering across platforms, whether you're talking about Windows or Mac or Linux, or whatever else, as long as there's or VML.
Another nice thing is that if you're willing to forego that consistency, once we have cross-browser support for @font-face (if that ever happens), all you'll need to do is substitute some @font-face rules for the call to load typeface.js and its fonts, and that should be all the change that's needed.
Anyway, think this'll work?