We desperately need some research, based in user studies and using modern display technology, to settle some basic questions:
* What reconstruction filter gives the best results? Is it the same for vector (text) and natural images? By "best" I do mean contrast (sharpness) and lack of visible artifacts.
* For rendering of very thin lines (relevant to text), what gamma curve gives the perception of equal line thickness across the range of subpixel phase? How does it vary with display dpi? (Hint: it's likely not linear luminance)
* What gamma curve yields the perception of equal width of black-on-white and white-on-black thin lines (also relevant for text)? (Hint: likely not linear luminance)
I've seen a number of discussions where people feel they are able to answer these questions from first principles, and corresponding arguments that doing these in a "correct" way gives results that are less visually appealing than the common assumptions of treating a pixel as a little square (so doing a box filter for reconstruction) and ignoring gamma so effectively using a perceptual color space for the purposes of alpha compositing.
I posit that these questions cannot be solved by argumentation. I think user studies might not be very difficult to do; you could probably get "good enough" results by doing online surveys, though this wouldn't pass standards of academic rigor.