Although that's cheating, you can achieve the same effect by creating the glyph and replacing any letter that's only used once (O, H or E in this case) with it. The other characters in the font can be blank. Therefore it works both for those that interpret it visually, and those that interpret the text.
I've seen this suggested for replacing a brand name with a logotype.
Holy shit, I know this kid. Lucas is also the #11 speed cuber in the world. Very cool guy over all.
So the point of this logo, if anyone is curious, is that Stanford regularly holds an annual social dance (meaning waltz, swing, cha-cha, etc. but with no particular concern for traditional form) called "Big Dance." Lucas really wanted the theme to be "Big Dance to the Future," but sadly, "Pride and PrejuDance" won instead.
Licensing. When you use a font in a PDF, the receiver of the PDF doesn't easily get the ability to re-use the font. When you embed it in a website, you're giving everyone on the Internet a workable copy of the font. Fonts are expensive.
Depends on what you mean by originally, really. Originally all this was intended for sharing scientific research and no one cared about crap like fonts, or almost anything else we take for granted now; it kinda used to look like this: http://www.w3.org/History/19921103-hypertext/hypertext/WWW/T...