If we assume that the furthest down the code-centric path we'll go are the Dojo and JQuery style augmentations of existing content, then a simple de-obsfucator is sufficient. But I'm afraid the current generation of high-end sites and apps points in a different direction, one that is less hopeful, and one that implies to a greater extent that the browsers must lead the way out of the wilderness by creating new tags and CSS properties to help re-democratize the process of creating applications. We've already seen the alternatives, and while they may be elegant, they lack leverage and the second-order beneficial effects that have made the web as successful as it is today.
If HTML is just another bytecode container and rendering runtime, we'll have lost part of what made the web special, and I'm afraid HTML will lose to other formats by willingly giving up its differentiators and playing on their turf. Who knows, it might turn out well, but it's not a vision of the web that holds my interest.