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I think I would be able to make it work in IE6 with css and a bit of javascript.

I'd like to see you make it all work like that and with fonts in, not all images ;-)

SVG and JavaScript (using something like jQuery SVG) might not be too bad.

The text in the example isn't selectable, searchable, SEO-able, cut'n'pastable and probably isn't accessible, so why would images of text be worse?

I don't think it's about cut'n'paste or SEO but about file size and flexibility.

Helps me take a hi resolution print-out without worrying about unreadable text.

The images pixelate even in full screen mode, it's hardly designed for high rez print-outs. Quite hard to print with the hover effect.

Ill create a GUI interface using visual basic - link for reference - http://www.youtube.com/watch?v=hkDD03yeLnU