The mutation observers listen for changes of the DOM. The current state of form elements, however, is not reflected by the DOM.
For example, create an input element input without setting the value attribute. When text is being entered into the input field, input.value reflects this text. On the other hand, input.getAttribute('value') still returns null.
Therefore, the mutation observers can't observe this change in the form field's status.
(Object.observe of the proposed ECMAScript 6th edition also doesn't help. Although one can listen on changes of host objects in recent versions of Chrome, changes of host object properties like value of input above are not being observed.)
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