Just noted this old entry at W3C. This is really what is needed for typographic nerds on the web. I have always wondered when the web would get the same typographic control as other media. Of course this is not like the control in InDesign or Illustrator but it’s a beginning.
The CSS Working Group has released a Working Draft of the CSS3 Text Effects Module. The draft addresses white space, line breaks, word boundaries, text wrapping, alignment, justification and spacing.