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This is just a display face,

http://www.fonts.com/font/dynacomware/df-shi-yi-simplified-chinese/gb-w-7

not the serious attempt to develop a new paradigm for Chinese characters that I remember seeing somewhere from Adobe, but it's the first one I've encountered in this category after losing that one even so.

I have no idea what it means, but I absolutely love it. The letterforms are delightfully playful: it makes me want to learn Mandarin…

"New" is relative. I think this sort of display style has been around for decades now. I can't speak for the Chinese characters, but a similar approach to the Korean alphabet looks quite dated (70s?).

Second line, fifth character from the left: that is ONE HAPPY GUY, whatever the hell the ideogram means. IMHO...

Anyone know the Chinese, Japanees and Korean characters for "I love fonts"?

Chinese — 我爱字体

By the one happy guy did you mean "算"? Well, it means "compute, calculate".
In Chinese(Traditional), "I love font" is "我愛字體".

Oh, and in case you wonder what "Shi Yi" means: it's 饰(decoration) and 艺(art). Well, I don't know what they exactly mean when put together, but you get the idea...