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The makers of Internet Explorer, Firefox and Opera have worked together to produce WOFF (Web Open Font Format), and to submit the 1.0 specification to the World Wide Web Consortium (W3C). Published on April 19, the WOFF File Format 1.0 specification represents a key step forward in terms of standardizing a web font format. Essentially, Microsoft, Mozilla, Opera and additional companies share the same perspective over a common encoding format for web fonts. WOFF is, in this sense, also a critical evolution as far as browser compatibility is concerned, developed as an open, compressed encoding for sfnt-based font resources, according to Sylvain Galineau, IE program manager.
WOFF has not been put together as a replacement of TrueType/OpenType/Open Font Format or SVG fonts. However, the trio emphasized that WOFF was meant as an alternative to the font formats enumerated above
We don't need more font specification, we need the browser crafters to implement the existing standard instead as a first step and backport it to their existing browsers (in the case of IE).
It can't get worse, it can only get better.
1)There is no existing standard, there is a Draft.