I never think "italic" or "em". An "em" could be a bold in red color, if there is a reason to use that color and that weight. So, if a chapter is a dream, why I have to emphasize every single paragraph? It is a dream, and I mark the chapter as dream.
Typographic is in CSS, not in XML. IMHO.
About the microdata, I think microdata are more important in ebook that in web. Microdata (or semantic markup) is the best way to give life to your information: index, query, relationship between text and graph, questions, gamification, animation and more.
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