I think LaTeX is overprescribed.I think it's underprescribed.
I've only just started using it (I've been aware of it and taken peaks from time to time). For both my own authoring and for marking up content from elsewhere (HTML or text dumps) it's quick, easy, and convenient. Some works take a while (lots of formatting and footnotes), others largely require only slapping on a prefix, an "\end{document}" at the end, and chapter headings.
Among the best aspects: once you've got marked-up Tex format, you can publish to pretty much any format you wish. The source can be managed under source control, you're free to use any editor you wish. Autoload / autobuild features make tracking minor tweaks easy (as others have noted, the evince PDF viewer will reload a file on change).
Styles can be modified. That's the brilliance of LaTeX. Write your text. Worry about the presentation side later. And the default styles _are_ good. Better by far than much of what goes on the Web these days.
And if you absolutely must, it's still possible to go to a specific layout tool to get pixel-perfect output.