I was thinking more of body text, I dislike underlines in body text. Your example is a good example of using a swash to provide emphasis in an artistic way, which like you said is perfect on a cereal box or a display ad. But a plain underline would not have the same impact.

If you are reading a page of text whether printed or on screen underlines look messy.

Bill: we could certainly discuss the rules regarding bold and Italics