* Currently the bullets get painted with background color on occasion.
* Overlays are easy to turn on/off. Same might be true for font-lock, I just haven't figured out a way. 
* Org-bullets conflict with overlay-heavy modes (ex. org-columns). This probably won't be the case with font-lock. 
* An important point is that in my version every character in text translates to a single character on display. Which makes it easier to work with headlines.

In any case, I'm open to the possibility that this approach might lead to a better/shorter solution.

On Sat, Dec 15, 2012 at 9:10 AM, Jambunathan K <kjambunathan@gmail.com> wrote:
I think what the package does can be achieved by the following snippet
or with minor tweaks to it.  Is my understanding correct?

    (font-lock-add-keywords
     'org-mode `(("\\(?:^\\(?1:\\*+\\)[[:blank:]]\\)"
                  (0 (progn (compose-region
                             (match-beginning 1) (match-end 1)
                             (pcase (length (match-string 1))
                               (1 ?\u2219)
                               (2 ?\u2022)
                               (3 ?\u25c9)
                               (_ ?\u25CB)))
                            nil)))))