HTML relies on either additional files or hosted for things like images, also not sure if models exist for constraining printable proportions. Not saying PDFs are good but not sure html is the solution either.

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Nobody really prints anything out, anymore, unless it's sheet music or books, and those display well with markup and EPUB. (As we have shown.) EPUB has embedded images, and it's easy to convert back and forth from EPUB to markup. The prose doesn't also need to be an image. If people zoom in, they want to see the text in a larger font, not the page magnified. Or they want to expand an image or graphic. That is best handled in-client.
I've done it before, the HTML page contained everything from scripts to files that could be downloaded. Extra points that it can be sent as email and be rendered properly since everything is inside the HTML code.