Non indented bullets? That is just wrong on so many levels (pun intended). Negative letter spacing is way less legible IMO. Etc.
Also, the web is a different medium than paper. These old school typographic idioms are becoming less and less relevant every day.
The most used websites such as Facebook or Twitter are proof that users don't really care about old school vertical rhythm.
OTOH I will agree that we still haven't distilled the graphical language of the web. Hopefully in a couple of decades we will have a consensus based on a historical body of practices.