You haven't provided any reason that this font format is different than what we already have, and you're completely ignoring the SVG format which is actually a fully open standard, and is already supported if you properly support SVGs.
The point you didn't get: It doesn't matter.
- It does not matter if this could be done with existing technology.
- It does not matter that it is basically OpenType in a new packaging.
- It does not matter that it does provide close to no copy protection.
- It does not matter that browsers could simply ignore it.
- It does not matter that font licenses make the RIAA look like the EFF.
The ONLY thing that matters is that the foundries accept WOFF, because they have the content that everybody wants to license. And if they puke on SVG, TrueType or OpenType, it wouldn't matter if these were the best formats the world has ever seen. The "new format" is more a psychological definition than a technological one. Yes, one can find a million reasons why this is stupid, unnecessary, nothing new, but it doesn't matter.
And for the (old and boring) argument against font use on the web: There IS no good typography on the web, because it cannot work due to lack of good fonts. So using the current state as an argument why WOFF is unnecessary is kind of short sighed, when the current situation is bad due to the lack of an established font solution accepted by the industry, which is exactly what WOFF is trying to change.
If you want to argue that typography is bad, please use print as your target, because this is where typography is put to good use. I write this on a display at 160DPI, the iPhone also has about 160DBI and the Nokia tablets have 240DPI. In a few years every screen will be indistinguishable from paper, all operating systems will be resolution independent and 20 years of lousy font support at 72DPI will be a fading memory of the past. The future of web typography will be much longer than its current past, so judge it on what it can do (and does on paper today), not based on failed implementations.