Earlier quoted context omitted.
I don't understand why getting anti-aliasing right is so hard. Just render text a few times bigger, use some kind of low-pass filter (box filter will do) and down-sample it. It's what every graphics program does. That would put an end to using Photoshop or Flash for headlines just to make them look decent.
wladimir: Up-sample/filter/down-sample is the standard way of doing it, and any other way will just be an optimization of that transformation.
Try it yourself, make an image of some text in 80px, shrink it 8 times, and compare that to the same text rendered as 10px. You'll notice that the shrunken image is harder to read than the actual text.