Actually icon fonts use the extended Unicode points to address icons and leave the usual characters like 'y' empty.
I like the consistency of having the same fonts that I like and find readable in my browser as I have in every other window on my computer. Browsers give me the chance to aim for that consistency by picking one font for all sites, but then some sites look terrible because they rely on some particular font to show non standardized icons.
You mean in the same way that something that looks nice in one SVG icon becomes something completely useless when using another SVG icon in its place?
You are not meant to switch font-icon fonts arbitrarily, they are part of your page design, as much as a SVG icon is.