I'm willing to bet he's not speaking of images of rectangles, since he mentioned fonts.
I wonder if this works for you, though. Maybe it's a bit bad if details INSIDE the image are importants. But if it's just font, this should be ideal? (In attachment, an example which uses the Python Imaging Library)
If anyone knows of a better method of using Pygame + PIL together, let me know, by the way. saving images into HD and reloading them kinda disturbs me, but couldn't find a more straightforward way.