Whats your Favorite font for text
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Just curious what everyone likes best as the default font for text!
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Comic Sans

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But as a serious answer we're using Droid Sans, Bold on a lot of our sites now using Googlefonts API - http://www.google.com/webfonts
If you're looking to do something that isn't quite standard we've managed to get Googlefonts working with next to no speed difference on the site (did take a bit of tweaking though, but nothing you wouldn't do if you were worried about page speed anyway, minify, caching, cdn, etc).
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For our site, default font for body copy = Arial and default font for headlines = Ed Gothic
Adding to what Barry said, another option for font replacement is cufon. With this tool you can leverage Javascript to allow you to use any font you own the rights to. From an SEO perspective the text is still on the page and crawlable by the bots.
To be fair, I'm not aware of any testing regarding SEO impact, but I don't see how it would be a problem. The text is still present in the markup so no crawling issues are created. Moreover, given that Google offers a similar service (as Barry pointed out), I can't come up with any reason why font replacement would cause any issues.
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What is interesting is the with CSS3, the standard has the ability to add custom fonts and the browser will load those on the fly. So things will get really creative soon.
I like Palatino Linotype. But there are not many choices out there : )