Relatively new to LaTeX and am confused about fonts. I understand that with XeLaTeX, I can use any OpenType or TrueType font I have installed on my computer. I'm less clear about the current relevance of longer established font formats and their related machinery (fonts with mf, tfm, pk extensions, MetaFont). My lack of familiarity is probably obvious in how I'm asking that--sorry!
Am I missing anything by limiting myself to OTF and TTF fonts? Would going beyond those give me access to "better" fonts in some way? Is (Xe)LaTex limited in its ability to do its layout magic (kerning, etc.) with OTF/TTF fonts?
Lastly, if it is worth going being OTF/TTF fonts, what is a good current information source from which I could start learning more? The community has produced some great documentation over the years, but its hard for a newcomer (at least, for me) to figure out what has been overtaken by later developments.