According to the standards, the :hover speudoclass applies on all elements (or nearly...); IE has only implemented :hover on the a element, though.
You could cheat by creating a background image for the links, serving as a bullet, while not using actual bullets on the list itself.
__________________ Vladdy | KL "Working web site is not the one that looks the same on common graphical browsers running on desktop computers, but the one that adequately delivers information regardless of device accessing it"