You are very correct, Haku.
However, the OP never specifically mentioned which font the chart was derived from.
He later asked if the chart would apply to the CSS code he listed. I am unable to answer this, as the font-family contains a great number of fonts, and each font could potentially have a different px height when viewed at the different em values.
For example, take this situation: A capital letter "X" in the "Arial" font and viewed at 1em stands 12px tall. The same capital letter "X" in the "times" font and viewed at 1em only stands 11px tall. The only change made between these two was the font being used, and since em values are dependent on the font the final rendered character came out to be 1px smaller for the "times" font.
I realize that these two fonts are actually from different families, but it demonstrates that different fonts will display differently, despite having a consistent em value. Because of this, there is no silver bullet equation for converting px values to em values when you are concerned with more than one font. So to conclude, the table the OP found may work for one of the fonts listed in his CSS code, but may not work for all of them.
In the end though the differences will probably go unnoticed when dealing with smaller font sizes, so feel free to use the table.
I'm afraid I do not know anything about Lordfrikk's method, as I do not usually make changes to the base size of the font. The article he mentions is well worth a read. I will have to take a more in-depth look at these methods and see how they work out.
Personally I've always just used Haku's technique and toyed around with the values until I got something that I liked.
Cheers,
Jerry Sidower