HELP with PIL and grainy text

[Huuuze]

I could really use some help.  Please take a look at the following
image:

http://img227.imageshack.us/img227/1346/grainynn3.png

As you can see, the text in the image is fairly grainy.  To get to
that point, I converted an ArialBold TTF to a BDF using otf2bdf
(http://crl.nmsu.edu/~mleisher/ttf2bdf.html) and then I used pilfont
utility (http://www.pythonware.com/library/pil/handbook/pilfont.htm)
to convert the file into a .PIL and .PBM file.  I'd expect the font to
be smooth, but no such luck.

Any idea what could be happening here?

For what it's worth, I'm using a Mac (OSX 10.5.4).  Here is the PIL
code as well:

>> import Image, ImageDraw, ImageFont
>> font = ImageFont.load("Arial.pil")
>> im = Image.open("../images/image.png")
>> dr = ImageDraw.Draw(im)
>> dr.text((79,34), "Successfully used the Python Image Library", font=font)
>> im.save("../images/grainy.png", "PNG")