I like the work Alexei and it looks very good. But I have a few concerns.
Adding a dependency on external tools (Sphinx) is fine for building elixir core docs. But it is not acceptable to require normal users to use external tools. Generating docs should be as streamlined as it is today. Meaning that normal users of exdoc will have to keep using the existing HTML formatter.
The problem is that we will have to maintain two separate formatters. And the work going into improving elixir core docs will not add any benefit for normal users of exdoc. I just don't see the reason for splitting the formatting for elixir core and ordinary users. If the exdoc formatter is "bad" enough to warrant a new formatter for elixir core, is that not also true for end users documentation generation?
I would rather see a single HTML formatter improved, that everyone can use and draw benefit from improvements to, without requiring third-party tools.