Nice indeed.
Not to belittle Maxim Stepins' idea, but I think that with the example texture he used, it's actually possible to do a similar thing in hardware. The special property in the texture is that all hard edges have the same constant color on one side (black).
The PS should do something like this (pseudo-c):
outpix = filter(texalpha)<0.5 ? black : filter(texcolor);
But I don't agree with Mintmaster, this could be useful in other cases than toon shading. Even for photo based textures. It might be difficult to make an fully automatic "compression"-program, but if the program lets you do touch-up on where to mark edges, it would probably be doable, and useful.
But one thing should be added. While this filter removes the blur from over-magnifying an edge, it introduces aliasing on the same edge. This aliasing could be reduced by adding some filtering again. This filter is only to be used for texture magnification, where the rasterizer has given up on finding higher resolution mipmaps. One way to do it is to use Maxims algorithm to produce a "virtual mipmap" at the wanted resolution, and then do normal filtering on it. The virtual mipmap wouldn't be stored anywhere, just be a intermediate value.
So I'd say this definitely would be useful, but I haven't formed an opinion on whether it would be worth the extra transistors. (Haven't thought about how much extra logic it would take.)