It seems to me that if you do anything moderately interesting with ReST (anything outside of docstrings or just plain header/subheader/sub-subheader stuff in a separate file), it's no longer very readable at all as plain text. It's basically as noisy as things that aren't meant to be readable as plain text. And at that point, what's wrong with Docbook-XML or HTML, or hell, even LaTeX? These have very strong toolchain support.
Not to say that ReST doesn't have any toolchain support but I tried using rst-mode in Emacs this evening and with font-lock on I could type much faster than it could render and my CPU usage was at 100% as I did so. With font-lock off, it worked. But that's just no fun. I don't think I can't handle that long-term, and it'l be a cold day in hell before I switch to something to edit text with other than Emacs. I think I need some sort of syntax highlighting or I'll go mad, as ReST's input idioms are not obvious, especially when targeting things like Sphinx . I really like Sphinx's feature set and output options; I just wish the input format wasn't ReST. :-(
Do others have success stories using ReST + Emacs that I'm just missing here?
UPDATE: setting (setq rst-mode-lazy nil) in .emacs gives me some syntax highlighting without the insane speed hit. Much better.
The linking in reST is pretty awful, but otherwise I don't really have any problems, nor does it seem that unreadable. Well, the distinction between single and double backquotes can be confusing, and double backquotes can get excessive.