There’s both very little and a lot that can’t be done in CSS when it comes to proper typesetting.
p + p { text-indent } absolutely works and has been my go-to method of implementing proper paragraph indentation for as long as I can remember. Impressive drop caps, hanging punctuation, etc. are possible with some effort.
However, balancing lines, hyphenation, eliminating rivers is something that browsers don’t do or do not as well, and custom kerning is painful.
If there is something that handles typesetting on par with InDesign but without the bloat and in a friendlier format, that’d be neat, but I wonder how long would it remain bloat-free considering features that would be needed.