I like the look of smaller text on the web. And even if the text is pretty normal size, some subheadings or small bits of info look nice if they are much smaller (thinking 12px or so). Is there a minimum font size that is allowed?
While there is no official minimum font size for the web, it is generally agreed upon that 16px for body text is a good starting point. Of course, some text will be smaller, and headers will be larger, but for the main body text (like what you're reading right now) is usually 16px. That said, it is officially stated that visitors must be able to resize all text on the page up to 200% of its original size.