Can a variant of an already somewhat fringe piece of software really become a killer app?
One of the most significant advantages it has over other systems is sensible defaults. Everything from the choice of default fonts down to the margin sizes are chosen to look well enough from the beginning.
Anecdotally: when giving a presentation last week, the event organiser was surprised that my slides were HTML (from pandoc; I'm an ex-Web dev), as she'd never seen such a thing. Everyone else used beamer (TeX slideshow package).
Anecdotally: in the 20+ years I've been out of school I've sat through hundreds of presentations. I don't think any of them were created with TeX (unless TeX is the underlying technology of PowerPoint, Keynote, Prezi, Impress, etc...).
IMO the ways in which it is still special are: (1) good math typography; (2) integration with automated bibliography systems; (3) easily generatable by other tools. (Lots of things that eventually turn into HTML hit #3, but not lots of things that eventually turn into really good-looking PDFs do.)
These points certainly aren't important in all cases ... but for what it's worth, arxiv.org hosts more than a million scientific papers, the vast majority of which are written in TeX.
Simply awesome.