If you set up good view models so that you don't need to have expressions in the markup, the data binding friction on the front-end side can at least be minimal

How do you generate markup without any kind of expression? We have the "old" templatating way (razor, for example):

@foreach(var person in model.People){
    <li>@person.Name</li>
}

or you have something like angular, where the markup is 100% valid HTML5:

<li data-ng-repeat="person in people">{{person.name}}</li>

I'm not sure what the view model has to do with anything in the context of this discussion. We're talking about the means with which we're injecting/binding data within a template. Where that data comes from is irrelevant.