I see this more as a "just because we can" art project, than anything else.
EDIT: it also occurs to me that i have tons of respect for the hours of effort that would've gone into making fonts back then be beautiful at such small DPI. I think it's a good example of constraints producing interesting/good/impressive art. But i should avoid waxing too philosophical!
This is a cool project but the end result doesn't really look like it does on real hardware
Why go to this effort? I find the sharpness and contrast of screen fonts much more readable than anti-aliased fonts, at least under ideal circumstances (e.g. the screen font supports a given font size at a given resolution). Unfortunately, those ideal circumstances are incredibly rare these days.