It Depends
stock mastodon is kinda plain. 500 character limit? no formatting? bleh
the glitch fork (aka "the eternal development branch" aka "mastodon 'but good'") gets you markdown, and a few other things. a lot of forks work off of Glitch.
the rich text (mentions, links) wire format is HTML. sometimes, clients will… creatively interpret this HTML
here's an example of what things might look like in a badly behaving client:
this is what a list might look like in a client:this is a list itemthis is also a list itemhttps://this-is-a-link-that-was-below-the-list.example.com
unfortunately that's the most reasonable client, other than the fact that it only supports the boring john-mastodon-certified trademark-compliant features.
here's what was drafted:
this is what a list might look like in a client:
- this is a list item
- this is also a list item
https://this-is-a-link-that-was-below-the-list.example.com
now, another example: quote posting! it's an extension (or well, 9001 different extensions by different servers dating back to the year 123 AD) atop this jank. I maintain a fork of mastodon that supports it (not my patch originally, just my weekend hours spent poorly)
this of course meant that we got blocked by a few instances because apparently this patch meant we endorsed pile-ons and harrassment. (quote posting isn't a new thing, it's existed for years, and it's been fine.)
in summary, this entire thing sucks, but it's the Other Site that I help run. and it's better than cohost for getting endorphins from girl on girlpost engagement so,
ymmv????