Hmm, interesting. My initial reaction was, "I don't think in black and white, I think in positive and negative space," and believed the premise was flawed. And obviously, using color as hierarchy is not a new idea, nor do fonts inherently limit users from using color.
But it's not too hard to imagine more than two dimensions to glyphs (yes, to an expert this is simply a fancy way of saying layers, and they will still register two-dimensionally). Despite the declarative tone, as a purely conceptual piece, it's an exercise that yields some intriguing results. I doubt we'll be changing how we read anytime soon, but a little typographic exploration can be an amusing diversion.