sorry - I thought my reply had gone in the wrong thread but was wrong!
To be fair, I think what irritates people about bolding and italicizing is when it is overused. Then it just looks like yelling and is as bad as all caps. But if used correctly, it makes is much easier to skim read.
What is offers over [ctrl] + [F] is the ability to skim read - which is really important if every sentence starts with "the community knows that..." or something like that which we want to gloss over.