Chris Coyier at CSS-Tricks discusses whether lists are actually more of a hindrance for navigation when using screen readers:
In January 2011, Reinhard spoke at a Refresh event in Baltimore and apparently made a HUGE impression on the audience. He is completely blind, and talks about markup accessibility.
Reinhard suggests not using lists for navigation, and instead using divs and spans.
This is quite an interesting discussion on HTML navigation and although it flies in the face of the general consensus for navigation list elements, it’s an interesting argument.
My only argument would be that as HTML5’s adoption rate increase, screen readers could take into account the
<nav> tag and ignore lists contained within.