Syntax highlighting usually is used to set apart the language's keywords from the rest of the program. They become less like words and more like standard symbols.
Great point! One of the things I really like about syntax highlighting is this separation. It's important enough that when I'm toying with syntax for my hobby languages, it's really hard for me to get a feel for how something looks if it isn't highlighted correctly.
I agree. I prefer to have both. It's hard to argue that either SQL or Brainfuck is more readable than, say, JavaScript (to an experienced eye), so a happy medium must exist.