So and that source is as easy to read and step through as minified JS (didn't know something like that exists)?

And does the one who deployed the code has to use the non-lossy text format or can you simply convert any WASM binary to something human readable (with browser dev-tools)?

A bit easier, given that it's formatted in a readable way.

Right now, the text format is the only option. People are already talking about how to make it connect back to the original source, if you have access to it, but that's a work in progress.