No, you've missed the point.
The current situation, if you wanted a stylized block of text, it had to be a graphic--which can't be searched, screen-read, or indexed. In short, the text and the presentation are stuck together.
With the new font-face concept, you now have the text in the source (which CAN be searched, indexed, and read by a screen-reader) and the presentation controlled by the CSS. So I guess, yes, you can get features that previously required a graphic, but now allow text-search, too.