I take it that, although GDI+ is newer than GDI. the .net class Graphics (GDI+ based) is older than the class TextRenderer (GDI based).
Probably class Graphics is just a wrapper for GDI+ which renders on the CPU, whereas TextRenderer only plans the glyphs positioning smartly on the CPU and then uses GDI to render them on the device.
Therefore the text in this page is correct. (That is, UseCompatibleTextRendering=true makes use of the older .net class Graphics, which in turn makes use of the newer infrastructure...)
See also:
http://blogs.msdn.com/b/jfoscoding/archive/2005/10/13/480632.aspx
http://en.wikipedia.org/wiki/Graphics_Device_Interface#Windows_XP