If I'm transferring between applications, I never want 95% of formatting — I don't want font or size or color or line-height or paragraph spacing or whatever.
But I do want italics, because that conveys actual meaning around emphasized words and titles. And I do want to preserve subscript/superscript in things like CO2 or "squared", because that's similarly meaningful. And I also want to maintain bulleted and numbered lists, which again have meaning. Strikethru as well.
So I just really wish that the OS had a toggle switch so that "Paste and Match Style" would still preserve everything "textually meaningful" -- <i>, <sub>, <sup>, <ol>, <ul>, <li>, and <s>.