the same problem happens with the public-domain 'tom thumb' font pushfoo linked in https://news.ycombinator.com/item?id=38800409. it is actually 4×6 (24 output pixels) but claims to be 3×5
it can be accessed despite tls problems at http://web.archive.org/web/20230828193815/https://robey.lag.... but says 'Please do not post this article to Hacker News.'
my own 4×6 font is demonstrated at http://canonical.org/~kragen/sw/dofonts-1k.html, where it fits into a 1024-byte web page along with all the logic needed to render ascii text with it; but the proportional font i used in http://canonical.org/~kragen/bible-columns (rendered with http://canonical.org/~kragen/sw/netbook-misc-devel/propfontr...) is at http://canonical.org/~kragen/sw/netbook-misc-devel/6-pixel-1... and is slightly smaller; it averages 21.5 pixels per character. this is more than anders de flon's so-called 3×3, which is 16 pixels per character, but it supports the full character set, if you think ascii is the full character set anyway. so does simplifier's 4×4 font
i think you could do better by using grayscale for antialiasing, and as rafabulsing pointed out, matt sarnoff's millitext http://www.msarnoff.org/millitext/ uses subpixel antialiasing to get very readable text at 1⅔×5 pixels