More like "the terminal challenge." Curses-based programs (like vim, mutt and lynx) still have graphical user interfaces, they just have really shitty graphics. (And that's not a criticism of those programs.) Try spending a week using just ed, mail, and curl. Those are actual command-line programs, not just terminal-based programs. The litmus test is whether they would work with a real paper teletype.
The real challenge these days is javascript. I'm not aware of a text-mode browser that interprets javascript.
I'd also like to give a plug for w3m. It's far more user-friendly than lynx, and IMO more advanced than elinks.