And the very formula that was a proof that HTML+CSS+SVG is enough shows that it is not enough. In my browser it looks terrible, subscripts and superscripts are mixed, font is uneven, and what not. The formula is simply unreadable, in the sense that I can't decipher it, not merely it's awful to look at.
Moving out of TeX ground to HTML+stuff, you instantly give up plenty of goods that were implemented in TeX well (kerning and hyphenation among the others), you give up consistency of behaviour (font rendering), and in exchange you get source code that looks obnoxious compared to pure TeX or LaTeX.