For fonts, you should use percentages (either em, or rems) if you do not want to correct the font size in Internet Explorer. If you use pixels, Internet Explorer users who change their default font size in their browser settings will not see that the fonts increase / decrease. Thus, your text becomes less readable to users in this browser.
A huge resource for this is the first chapter of Dan Cederholm Bulletproof Web Design .
For layout using percentages or em, your design will be more flexible for resizing fonts / localization, etc. This is also described in the book.
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