Sorry if this isn't the right forum, I was debating on whether to post it in the Void, or here. This seemed to be the most appropriate section. This isn't a new creation, but it's definitely noteworthy.

Bit Font Maker is a pixel font creator that allows you to dive right into a canvas of pixels, and create your own customized pixel fonts. This definitely beats paying hundreds of dollars for commercial fonts, although it's always nice to have the good fonts on hand. Keep in mind though, that the fonts you make with this program can be used for personal and professional work, no license required. Another very important feature on this site is the ability to pop open the glyphs screen. For those that are not aware of glyphs, they are basically the available characters for a font. Opentype makes good use of glyphs in that you can create more than one version of a given character. So now you can make all the shapes you might need for a particular font set!

Don't have time to make your own pixel fonts? BitFont Museum allows you to delve through the hundreds of high-quality fonts that others have created. I have several of these fonts, and they are quite spectacular. Compare these fonts to those at fontsforflash.com and you will be surprised at the comparable quality between the two. They are almost identical!

So if you ever in need of a font that is small enough to fit a tiny space, yet crisp enough to be visible, think of bitfont, an excellent resource for royalty free pixel fonts and font creation.

Enjoy!