Google announced a collection of open source web fonts in the form of Google Font Directory and the Google Font API.
According to them, web designers can exploit the visual richness of diverse fonts and make the web beautiful.
As these web fonts are hosted in the cloud and sent to browsers as and when needed, Google believes their open source font directory will help designers sidestep the need for workarounds like converting text into images etc.,
However, it remains to be seen whether it gains widespread acceptance among the professional web design community.