Well, for me personally, I do not advocate pixel size based fonts. My reasons are as follows:
not all browsers scale everything up nicely. Some browers either
a) scale images like crap, (a perfect example is Opera) or
b) take speed performance hits.
sites that are designed for a fixed width size with a tight squeeze on a 1024x768 monitor (yes I know, wide screen is becoming the norm.. but there still are CRT monitors out there) upscaling everything will mean the need to scroll horizontally as well as vertically (generally speaking, horizontal scrolling is frowned upon and is a no-no).
even with enough room and smooth graphic up scaling, some users may only want to see larger text larger, and not need nor want / care to see anything else get scaled along with it (I for one am in that boat).
some designers may think a certain font size is a comfortable one, all the while some viewers may wish it was a notch larger.
I personally think (and this is strictly my opinion here) that as 'designers' we should build layouts with the flexibility of text only resizing in mind. This allows the best of both worlds. Perhaps I'm wrong in my thinking, but to neglect this IMO implies either laziness, reckless design practices with no regards to accessibility or focusing too much on font setup perfection to an anal degree for the sake of beauty over form and function (honestly, what is perfection on the web? I have yet to see it).
Nog and rulian, I sympathize with you guys the stress you had to do through. I really hope this movement of pixel based font sizes does not become too heavily embraced. There is no harm in offering the best of both worlds so to speak. If it's not broken, why fix it? (of course, when I say broken, I don't mean layouts breaking on text upscaling [which sadly is too often the case, even when fonts are only bumped up a notch or two]).