Especially when using a CMS, I set ownership of the html directory to the apache user using
chown -R apache:apache /var/www/html
Since usually your web server runs as user apache, this gives adequate privileges for running the scripts. I'm sure there's something wrong with that and, hopefully, someone else will add what...
But you don't need the world writeable flag on. To turn it off, use
chmod -R o-w /var/www/html
I think you can set the sticky bits on the html directory to get new files to get the same ownership by using
chmod ug+s /var/www/html