I'm not saying <i> and <em> will make any actual difference in the real world, but since they are intended for different things, that could be a reason for keeping them separate. Who knows, maybe tomorrow you'd like to mark emphasis with a bold font, but leave italics as italic.
The same would apply, by the way, to apostrophe vs right single quote. They are one and the same character and glyph, but O how I wish there were two characters, so changing from double quotes to single quotes would be less painful (if correctly coded). I actually used to code one as ’ and the other as ’.
Wordprocessor bells, whistles, features and bugs are irrelevant for discussing how XHTML+CSS in ebooks should/could look like.
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