I hope that ligatures will be more popularized than using characters like "½", because it is very difficult to find them in text with standard ASCII characters, i.e. in Firefox by typing 1/2 in quick find (ctrl+f).
I'm always wierded out by that, because it implies we should support the full gamut of math - superscripted/subscripted text, large fractions, the text above and below the epsilon in discrete sums, etc.