These are the common arguments I also believed, but I dug into them for a book project and found they are pretty shallow.
The HTML5 spec is such a mess when it comes to the new "semantic" elements that they are nigh on useless for anything. They're so broad (e.g. check out how broad the definition of "article" is) it's like calling a knife, a spoon, a plate, and table all a "fork" -- too broad to be useful. Div's are fine. They're all ignored equally by machines.
Screen readers also pay zero to no attention to these tags -- heading tags are, however, very much used, but HTML5 intends to supersede that in a completely botched way too. It's not pretty. Also, you would imagine strong and em were useful as opposed to b and i. It turns out most screen readers ignore all of them entirely.
Re the parent comment - as for the usefulness of true separation between presentation and content, I find it very promising for A/B testing layout, and therefore a worthy goal, but CSS really needs an actual layout system.