Text that is written in an unordered or ordered list (bulleted or numbered lists) in Ellipsis does not appear in websked. This text is missing from the preview of the story text, and it is not included in the word count. This means that word counts are inaccurate, and it is not possible to accurately preview the length or content of stories that heavily incorporate bulleted or numbered lists.
This update is hitting sandbox tonight. Thanks for the suggestion!