Unacceptable. Proper formatting is a prerequisite. It's not about being elitist - it's about readability and efficient communication. The equations in these "theses" are so badly formatted I would have taken off marks if an undergrad gave me something similar.

It's fine if you have a handful of equations in your text. But for a PhD in maths? Unacceptable.

Wow, a thesis on theoretical physics and topology written in Microsoft Word and not LaTeX? Dead giveaway.