Web Typography is a way to use and display font on the web. To allow web designers to specify fonts, weights, and colors, Netscape introduced the <font> tag in 1995, which was then standardized in the HTML 2 specification. However, the exact font named had to be installed on the user’s computer, or a fallback font, such as sans-serif or monospace, would be used. The CSS1 specification was published in 1996 and provided the same capabilities. (http://en.wikipedia.org/wiki/Web_typography)
Typography for the Web has come a long way since Tim Berners-Lee flipped the switch in 1991. Back in the days of IE 1.0, good web typography was something of an oxymoron. Today things are different. Not only do we have browsers that support images (gasp!), but we have the opportunity to make our web pages come to life through great typography. First, it’s worth noting that Typography is not just about choosing a font, or even distinguishing one typeface from another. In recent experiments, trained monkeys were able to correctly identify Helvetica 90% of the time. (http://ilovetypography.com/2008/02/28/a-guide-to-web-typography/)
Web fonts is a technique where fonts are downloaded off the web server whenever a user requests a page. This ensures that the fonts specified by the web designer are available to the user, which allows web designers to use fonts which aren’t widely installed. This technique was first specified in the CSS2 specification, which used the @font-face rule.
It is controversial because using the font as part of a web page also allows the font to be freely downloaded. This could result in fonts being used against the terms of their license or be illegally spread through the web.
Font embedding is not widely used on the web, but with the releases of Firefox 3.5, Opera 10 and Safari 3.1, its usage is expected to increase. (http://en.wikipedia.org/wiki/Web_typography)
I think the future of web typography is safe, it will continue to be used by present and future web designers. Except for this thing called EOT, it is said that it is dead and gone. I do not know what EOT is, but typography will continue to be used in creating web sites and displaying a web designers talent to combine art and text together.