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Not only is hinting a problem in IE, but kerning is a bigger problem across browsers. No browser respects kerning tables of the fonts, and we end up with horrible kerning pairs like VA spaced with full glyph width.
I did a test at my site if you want to see screenshots.
There’s a bit more developing to do from the browser makers until we have support for opentype (ligatures, alternative glyphs) and real kerning as the type designers intended it.
This really has nothing to do with @font-face specifically, as this applies to all type in browsers.