There's a variant of arXiv.org called ar5iv.org which renders papers in HTML5 instead of PDF. It is very handy when reading papers in a browser and it is generated from the same LaTeX files. You just need to replace the "x" with "5" in the URL:
Why would I want completely broken layouting instead of artfully crafted one? PDF does its job absolutely well, sure it won’t accommodate to your screen but there is no automatic way of laying out the content in a way that it makes sense both semantically, and from a design perspective. That figure 10 pages down is completely useless, I want to see it when it is referenced in the text. I really have a hard time reading anything that requires more formatting that a novel in anything else than properly rendered PDF.