As you showed convincingly, the font-size: 100%;
will not render the same in all browsers. However, you will set your font face in your CSS file, so this will be the same (or a fallback) in all browsers.
I believe font-size: 100%;
can be very useful when combining it with em
-based design. As this article shows, this will create a very flexible website.
When is this useful? When your site needs to adapt to the visitors' wishes. Take for example an elderly man that puts his default font-size at 24 px. Or someone with a small screen with a large resolution that increases his default font-size because he otherwise has to squint. Most sites would break, but em-based sites are able to cope with these situations.