I agree this should say "empty braced-init-list", although "initializer list" reads nicer.

Per [dcl.init.list]/1, an initializer list is a braced-init-list used as an initializer:

List-initialization is initialization of an object or reference from a braced-init-list. Such an initializer is called an initializer list, and the comma-separated initializer-clauses of the initializer-list or designated-initializer-clauses of the designated-initializer-list are called the elements of the initializer list. An initializer list may be empty.

Good point. So, the phrasing is good as-is; the only remaining issue is whether we anywhere talk about an "empty initializer-list", which would not make sense. Ah, the footnote in [dcl.init.aggr] does that, so that is the only place that needs fixing.