Markdown can do quite a lot, but it doesn't have any way to write mathematical formulae. Since that's 90% of why I use LaTeX in most cases it seems silly to recommend Markdown. LaTeX has a superset of features, and is well suited to what it does properly (typesetting). Markdown is quick and easy to use, so it's good for blog posts.
A Markdown -> LaTeX -> pdf pipeline was how I wrote all of my algorithm assignments in college. I wrote things like:
* **Basis**. Prove for $n = 0$...
* **Induction**. If \mathcal{G} is a graph ...
\begin{equation}
...
\end{equation}