What it is good for however would be doing mathematical formulas. I don't really see any options. MathML is not supported as widely as it should for example. The guys over at Microsoft is doing a lot with UTF-8 support for math editing, which is quite interesting.
For those of you who are interested in math editing without having to memorize all the latex key words I have a prototype of an alternative system. See below.
I feel that this article ignores the biggest advantage of LaTeX: templates and macros. Word processors or WYSIWYG editors make it very hard to share typesetting style. On the other hand, if I want to format my text into an ACM paper there's a template for that, if I want to make a PDF for my 'zine that I'm publishing, there's a different template for that, just like there's a template for publishing my resume. Iterating on this style can happen independently to iterating on the content, and you can let other LaTeX users tweak on the actual typesetting.
I do agree that reading LaTeX or TeX in general is a bit hard, but there's been a lot of ergonomic improvements in that regard, which the article only mentions in passing. ConTeXt  is a pretty nice system with a much more "sane" set of default directives. There's also LuaTeX  if you just want to write Lua. Scribble  can also generate both great web documentation and good PDF documentation. On that note, I really don't find TeX that difficult to write but that is probably just pure personal opinion.
This is an impressive number of words that can be boiled down to: "don't get sucked into yak-shaving, just do the work". Important life skills, especially for grad students!
It's a snappy title, but if you read the article it basically boils down to "if you're writing prose-heavy papers as opposed to equation-heavy papers, LaTeX is probably not the best choice".
As @graygnome pointed out, a lot of the angst of choosing a style is made for you in an academic or corporate setting, whether it's LaTeX or Word or anything else. This is a strawman, which, to be fair, can be said about the slam against word processors that the LaTeX site presents. I seem to remember the exact same formulation back when I got sucked into the LaTeX world in the mid-90s.
A lot has happened since then. I think anyone who writes a lot appreciates the tools that any word processor has now to structure text and separate content from presentation.