I stumbled across this great informative post which gives a nice outline of Google's new Font API. I think most web developers will agree that this could be a game changer.
For years, we’ve been stuck with the same old fonts: Arial, Georgia, Verdana, Times New Roman — web-safe fonts that a majority of web users have installed on their computer. But lately, the web design community is abuzz — and the source of the excitement is around web fonts. "Web fonts" is a generic term that refers to the method of serving font files — the same type of files you have installed on your computer — to your website visitors so that you can guarantee they’ll have the appropriate type faces you want displayed on your web pages.