That's right, if I recall correctly. You can't copyright a font. You can rip off an existing font and create a new one that looks strikingly similar, even visually identical. However, if you do that by reverse-engineering the font (e.g. extract the bezier curve out of the TTF) then it is illegal. There is a court case where Adobe (?) sued some ripoff (and won), with the argument that while you cannot copyright the font, the "program" that implements the font is still copyrightable. IANAL and my wordings and details may not be 100% correct, so please feel free to correct me.
On the other hand, I wonder... if I take an existing font. Print it to a very high resolution PNG (not vector graphic so all Bezier curves are lost), and use some font creation software that recreate the font by doing an approximation... whether this is still consider a copyright infringement. Just curious...