Useit.Com: Let Users Control Font Size. Another example of harmful Web technology comes with the increasing use of style sheets, which let web designers specify the exact size of text down to the pixel. Unfortunately, many designers are using this ability, leading to reduced readability of an increasing number of websites. [Via Tomalak's Realm]
Pretty much what Scott has been asking recently.
I agree that web pages should first be readable by users but, boy, as a web designer when I first was able to precisely determine font sizes and be sure that weird browsers configuration could not break my layouts it was great.
The challange is always the same: mixing vector based contents (text) with rasterized stuff (gif and jpeg images). If you are using a high resolution monitor you want to be able to increase font size in order to read at least text. Yes, at least, because anyway you won't be able to increase images size, so you will still be missing something. Besides, increasing font size will break some fixed width pages.
Solutions? Not many at the moment. Flash does support screen scaling, but it's still too hardwired to really be usable. The wide deployment of content management system could probably allow dynamically generated Flash sites, but at least so far I've not seen real applications of this.
Another soultion? Change browser: Opera lets you scale whole pages, including pictures.
I guess that for some time we'll have to follow the rules and be friendly with users: no more "px" in your css files, change everything to "pt".