This is one of my favorite problems. Enjoy!
We'd like to make holes in the text to make it look more tasty, like cheese tasty. We can find several fonts for this purpose, but we cannot (pseudo-randomly) change the location of the holes. That's pity! Could it be done in TeX to get something like this (the change of the background color should be a proof that there are holes not only circles drawn with the same color as the initial background color)? I enclose a close-up and some variants.


Update
We cannot use the background color, if there is any, for circles: we would face a problem of shaded and other type of backgrounds. I enclose an example.

Minimal working example
If we need some minimal working example (let's call it a static solution), this is it using two fonts available from Dafont.com, Cheese and Mouse font and JI Swiss Cheese font. After downloading the ZIP files, unzipping them, deleting spaces in filenames and installing them we can use them (xelatex and lualatex engines can be used):
\documentclass[a4paper]{article}
\pagestyle{empty}
\usepackage{fontspec}
\begin{document}
\setmainfont{JISwissCheese.ttf}
JI Swiss Cheese\par
\setmainfont{CheeseandMouse.ttf}
Cheese and Mouse
\end{document}

A tip if you got stuck
Back in 2011, I've found this Q+A, it helped me a lot to solve this particular task for TeX hobbyists, How can I invert a 'clip' selection within TikZ? As long as I remember it was one of the first TeX.SX websites I visited.

How to make my text more nasty... – May 26 '14 at 14:24