> pandoc has great citation support
Sure, on paper. Every time I use Pandoc, I have to look up how it works again, and I find it hard to get it working. I think it's hard to make it integrate with Bibtex/Natbib.
> not sure what you mean by macros.
It gives you a way of defining \RR so you don't have to write \mathbb{R} over and over again.
Also, what about editor support? There are editor plugins for Latex and for Markdown, but I've never seen one for the hybrid you're suggesting. How do I get a preview of the document I'm working on while I'm writing it? I'd like to hit Ctrl+S and immediately see the changes.