First-letter Drop Cap

first-letter can create an aligned drop cap. The problem is that browsers have a hard time aligning pseudo elements.

first-letter can be used to create a floating drop cap. The problem is that the drop cap cannot be positioned up or down.

first-letter can be used to create a hanging drop cap in the margin. The drop cap can even be replaced by a background image. The problem is that the drop cap cannot be positioned up or down.