Hi Landitus,
Yes, cufón is search engine friendly. As cufón is JavaScript-based,
search engines see what a user with JavaScript disabled would see
(which is just the text, unmodified). The only difference between a
cufón-enabled page and a regular page is the presence of a few
additional <script> tags.
If you do have JavaScript enabled, but CSS disabled, you'll see both
the original text and the replaced text. While this may seem like a
problem, it is actually an unrealistic scenario because most browsers
do not even allow CSS to be disabled, requiring a 3rd-party utility
(such as a Firefox extension) to do the job. Only web developers do
this, not real users. Screen readers only see the original text, so
that is not an issue either.
Simo