Extended TeX: Past, Present, and Future
First time accepted submitter Hamburg writes "Frank Mittelbach, member of the LaTeX Project and LaTeX3 developer, reviews significant issues of TeX raised already 20 years ago. Today he evaluates which issues are solved, and which still remain open and why. Examples of issues are managing consecutive hyphens, rivers of vertical spaces and identical words across lines, grid-based design, weighed hyphenation points, and overcoming the the mouth/stomach separation. Modern engines such as pdfTeX, XeTeX and LuaTeX are considered with regard to solutions of important problems in typesetting." Note: When TeX was first released, Jimmy Carter was president.
When TeX was new people were not accustomed to seeing well type set documents unless they came from a legitimate publisher. I wrote several college papers in TeX and I think the presentation let me get a few mistakes past my teachers. I've not seen anything better for formulas - even today TeX documents have a more polished feel to them.
All generalizations are false, including this one. Mark Twain
I just recently reviewed the landscape of document writing systems for a client.
TeX (and LaTeX, and such) are a fine choice for specific purposes. There's a lot of functionality, it's robust and widely used. If you're writing a journal submission paper, it's a good choice.
The publishing landscape has changed. There are now many more types of document (help files, web pages, books, articles, owner's manuals, laws, contracts) that people want to write, and the TeX family is inconvenient for many of them.
XML is a more comprehensive document content specification. It easily covers all of the common document types (including those for which the TeX family is useful) and is extensible in a straightforward manner.
As a specific example, DocBook (a specific XML scheme) covers all cases where TeX is useful, and many more. An XML processing system can convert to any presentation format (HTML, XHTML, PDF, Microsoft Help, Text), and it's straightforward to build converters for new formats.
(There are also other XML schemas.)
The drawback of DocBook and XML in general is that installation is a nightmare. So far, there's no "one package install" that gets the author up and running. XML processing is a series of steps, with each step served by one of several open source packages. The author must choose and install software for each step, usually without any indication which is best for his purposes. This only needs to be done once, though. (For open source - paid software packages have this sorted out.)
(For example, see how long it takes you to install DocBook 5.x on a windows system.)
The TeX family is a good choice, but if you're not already using it consider learning a more recent solution.
I agree, the need to compile is a big time sink. Hunting for a missing brace or dollar is just horrible. I and many people I know (all long time users of LaTeX) switched to using LyX and only exporting to LaTeX for the final formatting (e.g. using a journal's style guide). Unfortunately there is no quick fix for LaTeX: the power of the language means that gui's like LyX can only deal with a subset of the language, and yet this power is necessary in order to allow for all the packages that LaTeX supports (and especially to support existing packages).