One issue that I had with LaTeX formulas was exactly the thing that parent poster was pointing out: You really had to describe the layout of the formula; not just its expression ("... and have at it, layout engine"). It is/was really just a kludge around the box model of TeX in the worst possible way.
Yes, you could produce the most beautiful formulas of them all, but that's just because you spent a huge amount of time learning (La)TeX and tweaking the exact expression of each individual formula[1]. Don't get me wrong, it's was still miles better than the competition at the time if you cared about the quality of the output -- not to mention the severe resource constrains -- but surely we can do better these days? Surely?!?
Btw, I don't think parent poster was talking "semantic web" at all, as I read it at least.
[1] Same deal with pseudocode. Oh god, the amount of time I spent tweaking pseodocode in my university years.