Personally, I am pleased with this state - there are some conventions (semantics) around small print, and this tag works pretty well for it. If I said “read the fine print” in a conversation, it would make sense, but “read a large print” and you would think “what is a large print”? I am glad to see a big way out (never use it) and a little stay (use it often).
I personally do not use b, finding the strong costumes that I need. But there are times when you want the text to be in italics but not underlined. If this emphasizes, I use EM. If this is a quote, I use CITE. If this is another cursive agreement, I do not want to abuse EM or CITE.
Wikipedia has some notes on when to use italics, and you will find here a few notes about the various HTML tags that can be used with these examples: http://www.w3.org/html/wg/wiki/Guide/italics# General_Examples
Feel free to discuss any or all of the examples. That was my hit. Some of them are simple (for example, the use of EM), others are somewhat ambiguous. I prefer to use italics rather than choosing (a) EM where it would be wrong, or (b) SPAN with italics in a font style that does not make sense.
The fact is that semantics are associated with the use of italic test (at least in English), and HTML does not contain custom elements to solve all problems and does not require imho. I am a suitable medium soil.
And for those who do not like to use it, you will never have to! It's not obligatory:)
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