You can see how well this works by going to http://www.jvuletich.org/Cuis/ and downloading the new Cuis #0204.
See how well it does subpixel AA with black and colored text. Change display depth, and see how it adapts to lower display depths. Also play with preferences #subpixelRenderText and #subpixelRenderColorText. All this is done with just one 16bpp glyph for each char/font/size! No extra caches. Just standard rules, colormaps, and thought.

Some screen shots...

Sub pixel AA:
http://www.jvuletich.org/Cuis/32BitDisplay-SubPixAA.png . That is the best look. Display at 32 bpp, sub pixel AA.
http://www.jvuletich.org/Cuis/16BitDisplay-SubPixAA.png
http://www.jvuletich.org/Cuis/08BitDisplay-SubPixAA.png

Whole pixel AA:
http://www.jvuletich.org/Cuis/32BitDisplay-WholePixAA.png
http://www.jvuletich.org/Cuis/16BitDisplay-WholePixAA.png
http://www.jvuletich.org/Cuis/08BitDisplay-WholePixAA.png

For less than 8bpp, no subpixel AA is available:
http://www.jvuletich.org/Cuis/04BitDisplay.png
http://www.jvuletich.org/Cuis/01BitDisplay.png

I did not include subpixel black and whole pixel color, but it is possible too.

Anyway, people really interested on this should check the code. Besides, playing 5 minutes with Cuis should be good for any squeaker, to realize that Squeak can be nice, simple and fast.

Cheers,
Juan Vuletich