For obvious reasons, the left angle bracket cannot be used literally in HTML text. The status of the right angle bracket is not quite so clear. It does work when I try it, but of course browsers are notoriously forgiving of constructs that are not strictly valid HTML.
http://www.w3.org/TR/html4/charset.html#h-5.4 seems to be saying it's valid, though may not be supported by older browsers, but also makes specific mention of quoted attribute values. Is it necessary to html encode right angle brackets? also says it's valid but again specifically talks about quoted attribute values.
What's the answer for plain chunks of text (contents of a <pre>
Element happens to be the case I'm looking at), and does it differ in any way?