@John Sanders @Bruno Aleixo @Mark Kashman
The example you have provided that you present as the 'fixed' version of spacing does not match the actual spacing we are seeing all over our SharePoint Online tenant.
> If the fix somehow introduced some other spacing oddness, we're unaware of, please let us know.
This is me letting you know that what you present doesn't match what we're seeing and that we're still seeing 'spacing oddness' that needs to be addressed.
@James Mountfordand others have already provided plenty of examples of this but it appears that no one is listening. (Thanks James for sharing the Business Impact Statement earlier)
This is the latest response we provided this morning in regard to our incident raised with MS after being told that everything is by design:
If people have access to message centre check out MC283569 (New Feature: Improvements to the Text web part for SharePoint pages and news), which finally contains the confirmed news we've been waiting for in red 
We’re adding the ability to paste inline images into the Text web part so that images can be closer to text and so that text can wrap around images.
We’re also addressing feedback to reduce line spacing in text.
This message is associated with Microsoft 365 Roadmap ID 85584.
When this will happen:
We expect to begin this rollout to Targeted Release customers starting in mid to late September and expect to complete the rollout to all customers by early October.
How this will affect your organization:
Authors of SharePoint pages and news will be able to paste images into the Text web part and align the images to the left, right, or center with text wrapping.
We’re also addressing feedback on the text line spacing by reducing the line spacing size between header and body text, and in between bullets points.
What you need to do to prepare:
You do not need to do anything to prepare for this update, but you may want to let your users know about these improvements.
Has anyone received an update that they think actually fixes the issue - properly- though?
We have been told that the fix is now with us, but our bulleted and numbered lists remain broken -
- there is (usually) no padding at the start of them
- we are seeing big inconsistency whatever fix has deemed to have been applied
This applies to existing and new pages.
We have shared many examples of it still being wrong and here's one of the best (worst) examples:
No 'space' is being added/deleted here - this is the spacing we have around bullets as entered correctly in the text webpart... which MS are actually telling us is their 'design choice'.
I had a fairly crushing call with them yesterday where we told that it was a design choice the SPO team have taken, the result of which is something like:
"...as bullet points are part of the paragraph of text they are in, there should be no spacing after the preceeding line of text....but there is space at the end of the list"
This style choice is both wrong and indeed out of sync with not only every other MS application but also every other website on the internet we can find
Our MS support guys (who have been great by the way and done all they can for us within constraints of the MS customer support model) seem to agree with the evidence we present them but can do nothing as its the design teams choice. They have actually advised us to start hacking at it to add extra line breaks etc where we show them its wrong.
We have to raise another ticket to continue get this issue investigated - both from the point of view of it being wrong, but also that even if we agreed the style choice was right, the behavior in our tenant is inconsistent.
So essentially ... 6 months and counting after raising an issue which we thought would be a 'known issue', going through the 'design change request process' for what is essentially a line or 2 of broken CSS code....we still have no resolve.
Interested to hear other other thoughts on this and if you could share screenshots of your bullets on a SharePoint page shown well and consistently that would be great.