Looks a little clotted on my end. Would look less so on Macs (due to the flatter gamma), but still too much adjacency in the grays. I've found that there's still a strict limit to the effectiveness of gray pixels, and when you cross that limit you trade in too much crispness for fidelity.
Two grays is better than three for a true bitmap font (since it requires one less bit of data per pixel), but for pixelfonts it's moot. On the design end, I've found that three grays can make a big difference (over two), especially for light (1 pixel stem) fonts. Using different grays on the insides and outsides of abrupt curve transitions works much better than using the same gray on either side.
hhp
Been tinkering around with a grayscale Thai font in my spare time. Don't have a full character set yet - nor digits & punctuation. Just thought I'd throw it out there to the wolves. Prematurely, so to speak, with no real pressing questions on the mind just yet. It's a bit more text-oriented than the last Thai face I posted here. Incidentally, I'm using black + 3 grays. I may try cutting down to 2 grays.

