I use this technique to great effect, and i would recommend this. Woff i very well supported generally, and then i put a backup to the actual file for the lagging browsers.
Though, depending on the font (and how many), its glyphs, etc. you can get pretty bloated CSS files so while you do load the fonts earlier, you could be waiting just as long in the end.
I sometimes put them on a CDN to help alleviate some of the potential delay to download and/or render.
A lot of this will improve when HTTP/2 becomes more common (you can push resource to the browser and parallel downloads will become more efficient).