10:38 AM
I still think that using formulas is better.
I think that if there already is a duplicate in the list of related questions, I will notice "$1^2+2^2+\dots+n^2$" much easier than "1^2+2^2+...+n^2" (without Mathjax) or "sum of squares".
Moreover, the MSE community is used to math in the titles. Even if you persuade non-trivial number of users that it is better to use ASCII-art instead, it will not be easy to make users to use this.
As an experiment I've changed title of an older question to An inequality (1+1/n)^n<3-1/n using mathematical induction.
My guess is that someone will LaTeX-ify it relatively soon.

10:55 AM
The above messages are a continuation of the discussion started in the comments here.