As a side note, I am only a little offended by the idea that fiction writers should use semicolons to make their writing more literate or fancy. But I think simple writing is always better, even when you are trying to convey beauty. I believe great flowery literature is great in spite of the floweriness, not because of it.
Understanding language is not a strictly linear, one-word-after-another process, and these non-lexical clues all help us converge quickly on the intended meaning.
There have been several suggestions as to what might be just as good as a semicolon, but the period is a new one to me, and I strongly suspect that there are many cases where this substitution would interrupt a reader's flow. Given the importance, semantically, of the sentence, there are probably cases where this would corrupt the meaning.
I will admit, however, that I doubt a misunderstanding of this magnitude could be fixed by punctuation.
Given the viewpoint expressed by the last sentence in my original reply, I have little doubt there are examples where replacing a semicolon with a period could alter the meaning of an expression, but I am just not motivated enough to go look for one.
If, as your final sentence suggests, you feel that semicolons are characteristic of "the worst and most pretentious parts of literature", then I have bad news about just how pretentious writing can get. Writing that badly misuses semicolons might be the work of a pretentious author, but it is mainly just bad writing.
Ultimately, however, I think the semicolon will disappear: if one's readership finds it strange and it interrupts their flow, then it is counter-productive. I do not, however, think this would mean it was a bad idea; its demise will be just a consequence of the ever-shifting norm of usage in language. Furthermore, the substitution of other punctuation for the semicolon, as noted in the article, suggests that it had a purpose that remains to be satisfied one way or another.
> … it makes little difference if you decide to look at prose written by the advisers on usage themselves. Consider the beginning of E. B. White's introduction to his revision of The Elements of Style (Strunk & White 2000). I underline the head verbs of the passive VPs … Six instances of transitive verbs appear here: took, called, required, called, known, and printed. Five of them are in the passive. That's over 83 percent.
Anecdotally, I still use the semicolon when I write. Sometimes it just seems like the most natural way to bridge two thoughts.