This is a superpixel rendering of Garamond Italic. To make the curves smooth I used six different shades of grey plus black - each colour on a separate layer. It's a proof of concept to explore the possible use of layers for superpixel fonts. Fine-tuning the grey levels may improve the sharpness of the text. Some kerning necessary. 

@JingYo, minimum, elmoyenique: Thank you for your comments. I know it's a bit ironic to use the colour font feature first to produce a B&W font. I learned about superpixel fonts at Fonts for Flash (FFF). They used grey pixels to smooth the "curves" of the letters, but only a few. I took the idea to the next level.

@ minimum: Thank you for your comment. I corrected the x. There was a stray pixel in the u (visible in the sample). The kerning would be an interesting case: the distances can only be set by whole pixels. 

I used all 8 layers: 6 shades of grey, black, and a template layer (turned off). The colour values are as follows: #e3e3e3, #b7b7b7, #939393, #6d6d6d,  #4d4d4d, #252525, #000000. The last one is a random colour (pink). I'm sure there are better-optimized palettes possible, but for the purpose, this is good enough. More information about this experiment at the first version: Garamond Italic SP.