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I personnaly don't like LaTex that much, it's good for writing simples papers or thesis but it's absolutely ugly to customize properly. You have to add a lot of packages which just appear to have their own syntax and incompatibilities.
Word can be quite good if you really know how to use it (styles, rules ...), of course, the equation editor is still ugly. I which I could just type in latex formula and it would convert it into an ole object (like equation magic lite but less buggy...).
I think LaTex is good if you stay on the already well defined paths but it's kinda ugly to customize without going through a lot of rules to learn.
I would like a nice language like tbook (xml dtd much simpler than docbook) and to be able to customize it with a simple css and export to pdf with apache's fop (and not going through latex hacks like tbook is currently doing). Like it's done for the web but with printers in mind.