???
It looks no more terrible than it would if it was output by Photoshop at 96 dpi and imported into Xara. So, it is useful for exactly what you were using Photoshop for, while eliminating the need for Photoshop. In a real-world scenario, you would probably create the bitmap copy at 600 dpi, not 96, and it would be much clearer. Photoshop would not get you something any clearer, as you are dealing with inherent pixelation of rounded edges.
Unless you did not state the problem constraints clearly...
ps - view the example bitmap up in a pixel editor, and you will see that the text is not antialiased, while the gradient comes through properly at 24 bpp.
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