I don't mind small font sizes as long as you don't do anything to break zoom in the browser. What is killing me a lot more lately is the trend towards extremely low contrast sites, like white backgrounds with almost-white text. This is starting to be everywhere recently and it is horrible. I'm sure that design looks great on your Pantone-calibrated monitor, designer, but on mine I can barely even see there are words…
Strong point you're making here. Pantone-calibrated monitors only make sense when you'll be doing actual printing. A webdesigner using Pantone shades for a website is just being a delusional fool.
Expecting everyone viewing your site to see a precisely matched colour, whether it's from a PMS chip or any other reference, is... optimistic.
But that doesn't make starting from a client's standard Pantone branding colours (or rather, their official RGB equivalents) delusional. It won't get perfect results, but what would be a better choice?