Convert from PDF to EPS while keeping/outlining fonts

The solution by Maarten here and by the StackExchange people here proposes a solution by using GhostScript:

gs -dNOPAUSE -dNOCACHE -dBATCH -sDEVICE=epswrite -sOutputFile=your-output-file.eps your-source-file.eps 

This seems to work. The fonts look awful on screen, but seem to print correctly.

Attempts for Embedded Fonts: The guide here suggests that the following commands will convert a pdf to an eps, and then adjust the bounding box with the embedded fonts. The commands are

pdftops -eps test.pdf cat test.eps | ps2eps > test2.eps 

and then the final output can be transferred back to pdf form and the embedded fonts verified

ps2pdf test.eps pdffonts test.pdf 

However, I tried this on the above file and it does not work. An eps is created using pdftops, and then the eps is changed back to a pdf, but the fonts have disappeared (using pdffonts). Can someone tell me how to change from pdf to eps and preserve embedded fonts?

UPDATE

Lev Bishop (below) discovered that the pdf had transparencies involved, which was causing pdftops to rasterize the image. In tracking down the transparency issue, I discovered a very strange bug in the 2010 version of pdflatex (or some other program pdflatex was calling).

Takes a pdf image with an embedded font. And then compile a document with

\includegraphics

The resultant pdf seems to have transparencies depending on whether one uses texlive2009, texlive2010, or texlive2011! Using the 2009 version, the resultant image is fine and does not have any transparencies. Using the 2010 version gives transparencies and using the 2011 version gives back something without transparencies.

Note: I don't have a direct way to check for transparencies, so I'm simply using

pdftops file.pdf test.eps ps2pdf test.eps test.pdf 

And then checking that test.pdf has or doesn't have embedded fonts. Thus, 2010 gives me a version with NO embedded fonts while 2009 and 2011 work fine.