You Cannot Be Serious?
NO NO NO. If you ever look forward to a professional life outside of the university, do not expend the effort to learn LaTeX! If you place value on being commercially relevant, do not travel down that academic cul-de-sac. There are many better things to do with your time than spend it on a baroque 1970's technology for page layout.
I think there's a named disorder in the DSM-IV for the phenomenon where after a person has invested (time, money, emotion) in a particular thing, the thing becomes more lovely or more valuable in his or her eyes. The responses from people above about LaTeX seem to fit that pattern to me. They say: "I spent my entire life in LaTeX, and finally figured out how to get a sub-bullet to appear the way I had imagined... I love LaTeX!" It's the Patty Hearst syndrome or something. Based on the effort expended and the skill so hard won, LaTeX becomes precious. To admit otherwise is to admit that they have frittered away their time, that they have made sub-optimal choices. No one wants to admit that.
The things you can do with a modern word processing program are astounding. It's not just page layout - it's collaboration with markup notes; it's versioning, rights management, instant re-sizing of graphics, embedding other documents, embedding data from external applications, voice dictation, automation. And WYSIWYG is implicitly valuable. Anyone who dismisses modern word processing tools is engaging in a dramatic self-deception, or willful ignorance.
LaTeX Strengths - Really?
Look at some of the things LaTeX experts have said:
- LaTeX has the ability to add comments into the doc that don't appear in print. In MS-Word, this has been possible since...? Word 97? And - the comments from different parties appear in different colors on the screen.
- Word is for small simple tasks. LaTeX is for complex ones. This is opinion. If a person spent the time developing skill in Word rather than LaTeX, the person would feel the opposite way.
- no layout settings are shared across multiple documents. huh?? This is also not hard to do in a modern word processor.
- by obscuring presentation and design, LaTeX lets me focus on content. Right. Design is so useless. That's why ipods will never take off, and why haircuts are stupid (everyone should just shave their heads), and showering is a waste of time. It's all about content.
And What About these Tricks?
Have you ever used the speech-to-text feature of Word to dictate a document? Have you ever compared two versions of a doc side-by-side in WYSIWYG mode? Reset a paragraph property and watch the page breaks re-flow automatically in front of your eyes? This is useful stuff.
If you did not know about some of these features or have not used them, then are you really fit to make pronouncements about how good LaTeX is in comparison to the alternatives?
Be Open to using Modern Tools
Why are all you LaTeX people not using the Motif library for constructing GUI applications? or better, X-Intrinsics? Why? Because there are better tools and frameworks out there now, that's why. And the same is true for LaTeX.
Why are you not all using TCP and ONC RPC? Because better tools and frameworks - HTTP and REST and JSON and XML - have come around. Modern tools are commercially useful, beyond the academic arena.
LaTeX advocates to me are like expert C programmers who swore off learning anything new 20 years ago, who assert that OO is too memory inefficient, that scripting is for kids, that GUI designers are shortcuts, that garbage collection is for sloppy programmers. Whatever. Have that opinion if you like. Everyone is entitled to hold unfounded opinions.
Surprise!
Here is the radical thing that no one has mentioned: if you really prefer markup languages, OOXML is a markup language that you can work in directly, yet still allow normal humans to read your work in MS-Word. You get all the joys of non-WYSIWYG emacs-based document construction, yet other people can actually use what you've produced.
Bottom Line
LaTeX was justified when the cost of commercial tools was high, and the quality was low. Now, for any university student, the cost of modern word-processing tools is very low. Once upon a time, LaTeX made sense. Not anymore.
Update: What I find funny is that this answer got upvoted and downvoted many times - but I still see nothing in the comments that disputes what I wrote. Only variations on "I disagree." Clearly the topic is subjective. But the interesting thing is how LaTeX advocates are so unwilling to admit that alternative viewpoints are valuable. I bet all you downvoters think you are open-minded, huh?