Formal written Chinese is very different from the spoken form, essentially to the point it could be considered another language altogether. This situation isn't really comparable to anything in English.
In spoken Mandarin, lexical units are generally formed of multiple-character compounds (typically 2 to 4 characters). In such a scenario, the character being used can be figured out just from the context. If such an utterance is transcribed phonetically and written down, the same still holds. So your conjecture is correct to the extent it pertains to the colloquial language.
However, the same cannot be said for the formal written language, which is based on Classical Chinese, and much more succint: here, each character is often an independent lexical unit. At the same time, numerous more obscure characters come into play and annoyingly many of them tend to be homophones. In particular, in Mandarin, as a result of the phonetic processes it underwent, there are a lot of characters pronounced either /yi/ or /shi/.
At this point, figuring out the meaning of what is being said tends to become cumbersome or downright impossible (as in the case of the poem), unless the actual written characters can be seen, which is usually not an issue as this form of the language is used predominantly in writing (with the exception of a huge number of idiomatic expressions that educated people are expected to know by heart and be accustomed to).
And it is this latter form of Chinese that is the language of history, culture, but also anything more sophisticated in general, such as any better news publications. So while a basic, dumbed-down version of Mandarin would survive even when simplified even further, perhaps to the point of being written only phonetically, I doubt any educated Chinese would willingly sign up for it (particularly as there are is no incentive to do so since everybody learned the language as a child anyway, and for those who did it well, it is a marker of status).
If you want the Chinese to ditch their "written adornments," you could just as well be telling them to switch to Esperanto.