I think that the resolution of the empeg's display is not high enough to reproduce that effect. Or, rather, if it did, it would obscure most of the visualization.
That's part of it. The other part is that the empeg display doesn't have very many shades of gray to allow for that fine detail.
HOWEVER... this inspired me to actually try it in logoedit and see what it would look like.
Okay, agreed, you can't get as much text on the screen, and the blend between the image and the text isn't as neat looking... BUT... it doesn't look half bad. To wit:
You know, it occurs to me that something like this could be done as an extension to Emphatic (with lots of new coding and some additional font files).