If you look at $2^{3^4}$, what is the expected result? Should it be read as $2^{(3^4)}$ or $(2^3)^4$? Normally I would use parentheses to make the meaning clear, but if none are shown, what would you expect?
(In this case, the formatting gives a hint, because I can either enter $2^{3^4}$ or ${2^3}^4$. If I omit braces in the MathML expression, the output is shown as $2^3^4$. Just suppose all three numbers were displayed in the same size, and the same vertical offset between 2, 3 and 3, 4.)
^;-) In the end, that is just a convention, like $a b + c$ means $(a b) + c$, not $a (b + c)$. – vonbrand Apr 12 '13 at 16:29