Let's use that first paragraph take a look at some methods of obtaining the effect of a drop cap. All formatting is done on the first pass, and no graphics are needed. The drop cap is a text element, so it gets copied to the clipboard. Not a true drop cap. Not enough control over sizing to make this look good.
Second line has improper spacing.
Supported by HTML 2.0. Graphic allows designer to specify font face, color, size, and other effects. Graphic requires additional download time. Graphic data doesn't get copied to the clipboard. True drop cap.