Hi Lance, I’m using version 1.1.6.2 and I’ve not modified style.css at all. FWIW, I’m seeing the same behavior (no bullets) at the sample page https://wp-themes.com/p2/ but the link you provided on p2demo.wordpress.com DOES display the bullets. I see the same results in Chrome for Mac, Safari for Mac, and IE 8 on PC.
I’m going to guess this is a new thing since previously we were seeing the bullets and after an upgrade apparently they disappeared.