I read this article the other day about hanging punctuation. Hanging punctuation allows the text on the left side to flow uninterrupted by placing the bullets in the gutter.
To be honest, I don't remember ever seeing hanging bullets. This may be because I do the majority of my reading on screens either through a browser or an e-reader rather than print. Plus, growing up on MS Word, which uses the indented bullets, I just assumed that was the normal way for bulleted lists to look.
However, now that I've seen hanging bullets, I like how it creates a straight line on the left side of the text which looks cleaner and more pleasant.