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Maybe we could even do without kerning tables
All that is supported by the adobe/Firefox proposel but I don't know if SVG is the right way to go.
Why wouldn't it be? SVG is very versatile and prominent on the web, and seems like it could do all those animations , gradients, transparency, bitmaps.
As a front-end developer, I wish multiple weights and styles could be served up in one font file. Maybe that should become a feature of WOFF3, though, as it's probably only interesting for web use. (And there'd be arguments against it: maybe four separate requests for small files is better than one for a big file.) Edit: TrueType Collections can do this, but have no web support, that's why I fish for a naive work-around. Interesting responses and better ideas: https://twitter.com/pixelambacht/status/615880465648631808
Live font interpolation  could be useful to address this issue. Something similar was proposed to W3C recently .