Magento's JS reliance is unusable in exactly one way: you cannot use the store without it. That's a big one (losing 1/20 of your customers is not a small thing), but ultimately it's a tradeoff that they decided was worth it.
As an example of the flexibility that you get as a result of this decision, consider the case of configurable products, especially with pricing differences. Magento allows you to create products that are configurable over N axes, in a ragged manner (some color/size combinations of clothing can be missing, for example), with different pricing for every single option. Doing that without JS would be tough, doing it elegantly (which Magento has, for the most part), is nigh impossible. By enforcing JS, the developers at Magento, Inc can spend their time implementing these kinds of features more quickly, which is to everyone's benefit.
To answer the question at the end of your post, no you cannot get by without it -- at least without writing a new frontend theme that reimplements everything from scratch, which nobody so far seems to have been able to do. Personally, the number of JS libraries that Magento uses seems pretty heinous to me, but nobody seems to have solved that problem either. The app is too complex and tightly woven to unwind that far.
Sorry it's not better news, but I hope that at least clarifies some of the thinking for the way things are.
Thanks,
Joe