There are a number of JavaScript snippets that will make text or graphics travel along a circular path with the letters or words always upright.
Example: http://www.dseffects.com/f_scripts.html
I want to have text (or graphics) orbit a point the way the moon orbits the Earth, with one face always toward the center. The following example shows this, but very crudely and not using web fonts.
Example: http://javaboutique.internet.com/text/Manipulation/TextRotor/
I am sure there is a way to modify orbiting code like the first example (only not around the cursor) so that each letter/image keeps one side toward the center (axis).
SVG really is the way to go for this kind of thing. I just whipped this up really quick but at least it works as an example. The HTML part can vary a lot but this is one way.
Put this into an html page:
Then, create the orbitingText.svg file (it's just a text file with a .svg extension):
Oh, and if you are worried about cross-browser compatibility, check out this site: http://code.google.com/p/svgweb/