It would solve the long-form document problem. It wouldn't help with the editing however. The problem with HTML as it is today, is that it has long left it's document-markup roots and turned into an app development platform, making it not really suitable for plain old documents. You'd need to cut it down to a subset of features that are necessary for documents (e.g. no Javascript), similar to how PDF/A removes features from PDF to create a more reliable and future proof format.
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