Ooooh good lord! Stumbled across this thread and thought I'd add my thoughts, but this is a big topic!
Whilst you may have to adapt them, respect the rules of typography, they aren't there to impose control, they aren't rules at all, they're observations about how the human eye reads, and they've been made and proven over hundreds of years. And at a fundamental level, reading online, or on paper, is still reading.
Stop thinking about type as type and think of it as holes in the space that surrounds it. Forget type defining itself, view it as being defined by the space around it.
Line length is directly proportional to both leading and word spacing. Increase the line length and you HAVE to increase the leading. The standard measures are between 45 characters per line and 66 characters per line (including spaces and punctuation).
Whilst the standard leading for book design is 120% (10pt type means 12pt leading) you want to bump that up a bit for the web because it's harder to read from a screen than from paper. Too little leading and your lines run into each other visually, too much and you get rivers (close your eyes and squint at the page...see the rivers of white space running through the content?..too much leading).
Don't use italics or obliques unless your type is at least 18px. 72 dpi means you're stuck with Roman (normal). Bold type isn't so bad, but still, lacks any degree of subtlety. Better to use colour. If all your type is Dark grey then use black in place of bold etc.
(And this one will wind some people up) Don't use elastic design. If you want a wide column then you can specify things like leading. If you want a narrow column you can also specify things like leading. If you let the user decide then you have no control, it's your responsibility to design well enough to suit your target market not tolet them fiddle about themselves...it's what you get paid for.
And finally, for those that are interested, 'Stop Stealing Sheep...' is the best book on the market at a beginners level:
http://www.amazon.com/exec/obidos/tg...glance&s=books
cheers.