...Everything that relates to how the page sounds when it is read out or how it looks when it is displayed is moved out of the HTML....
That is exactly what "Mr Initial Man" demonstrated. Everything relating to how it looks was removed from the HTML. CSS was used for all presentational formatting.
From what I've seen the w3c is going in the EXACT SAME DIRECTION of the cumbersome way that he has demonstrated.
It's not easier to develop code with this standard - it's just easier to re-use code.
I understood the satire of the posted page almost immediately
"How does a web reader speak in bold and italic?" - what silly comment.
If it does not understand a tag a web reader would ignore it, or use approximations using a stronger voice emphasis or modify the timing.
I mean - how does a web reader speak "paragraph" - it is a visual break in a page. How does it speak "<ul>", "<li>" - once again, visual ordering of information on a page.