I've recently started using Quora a bit more. Unlike StackOverflow, they use a WYSIWYG editor. I've found this significantly less convenient than StackOverflow's markdown. Similarly, switching from Word to LaTeX was an improvement for most tasks once I got used to it.
Unfortunately, LaTeX has a bunch of its own shortcomings not related to it's non-WYSIWYG nature. For common tasks, I think going from markdown to LaTeX is ideal. Markdown itself is far from perfect, but it's the best compromise I've found especially with Pandoc's extensions.
So here's my idea for a great emacs-based document editor: markdown with inline math previews coupled with a full live preview to the side. All the necessary modes for this already exist (like whizzy TeX and AucTeX's previews), so it should be much easier to put together than a full WYSIWYG editor. More productive, too.