I've been wrestling with this idea today after Carl Crossgrove brought up some interesting legibility points. I found this thread that Chris Lozos started a while ago that addresses this: http://typophile.com/node/6026
Since I'm in the process of developing a signage face I'm wondering just what makes a typeface most legible. How do you begin to test this? What letterform shapes have the greatest capacity for cognition? Is Century Schoolbook just as legible on a sign as Frutiger? Sans serif, serif or a mix of the two? How much is lettershape cognition based on country or region of origin? Is there any conclusive proof or studies supporting any of these ideas or theories?
I thought it was a shame that this thread fizzled out, I think its an important concern.