Yeah, that doesn't work.
CSS 3 supports directly accessing real small caps. Currently only Firefox supports this, and only via moz-prefixed properties (which makes sense as CSS 3 isn't final yet).
I've read that, and I tried the Mozilla-only workaround, thinking it would be nice if it worked in at least one browser. But the workaround never loaded any small caps at all. I've updated the test page to reflect that problem—look at the entries 2.1, 4.1, and 6.1: http://www.utcolmus.org/test.html
Looks like the culprit is FontSquirrel's subsetting option. Setting it to "no subsetting" fixed the problem.