OpenType is the joining of the two strongest and most used font types today, PostScript and TrueType fonts, into a single font format.
OpenType fonts are easy to install and perform well on screen and when printed. But unlike other font formats, OpenType fonts can be used on both the Macintosh and Windows operating systems.
OpenType, a joint effort from Adobe and Microsoft, is the latest font format to be introduced. Like TrueType, OpenType fonts contain both the screen and printer font data in a single component. However, the OpenType format has several exclusive capabilities including support for multiple platforms and expanded character sets. Additionally, the OpenType format permits the storage of up to 65,000 characters. This additional space provides type designers with the freedom to include add-ons such as small caps, old style figures, alternate characters and other extras that previously needed to be distributed as separate fonts.
All font information supplied with permission from fonts.com