[WillAdams]

SVG won't allow one to have the equation exist as an equation which can interact w/ Computer Algebra systems, it forces one to use the alt text for screen readers (so the user can't customize how they want mathematics read out), it also requires that one puzzle out the baseline adjustment for the graphic in advance, &c.

Today's mobile devices have more storage capacity and faster processors than all but the last two or three computers I've ever owned --- processing an XML list and applying some formatting instructions should be trivial.