I think we want the style exemplified by [dcl.init.general], i.e.

• If foo, do x.
• Otherwise, if bar, do y.
• Otherwise, do z.

This uses a separate sentence for each bullet (if that fits) and puts "otherwise" in front.

@tkoeppe @jwakely , what do you think?

I think if having a separate sentence per bullet is an option, then that's a good style. I suppose the question should only apply to those lists that span a single sentence.

Same: use semicolons at the end of the bullets.

@jwakely , what do you think?

I agree.

OK, let's add that to the wiki then, and we fix existing wording up when next we come across it. I don't consider this a hugely important instance of "consistency", but it certainly seems like one where we can easily pick a fixed style with minimal downsides.