Anyone who has been here for a while knows about the six paragraph total, two consecutive paragraph rule.

Bulleted items can contain extensive information or simply be a listing, like the ten Republican candidates for president I’ve listed below. Example:

●Former New York City Mayor Rudy Giuliani
●Sen. John McCain of Arizona
●Sen. Sam Brownback of Kansas
●former Massachusetts Gov. Mitt Romney
●California Rep. Duncan Hunter
●former Virginia Gov. Jim Gilmore
●former Arkansas Gov. Mike Huckabee
●Rep. Ron Paul of Texas
●Rep. Tom Tancredo of Colorado
●Thompson, former Wisconsin governor and secretary of Health and Human

Are bulleted items considered one paragraph or a paragraph for each bullet?

Well, it depends (you knew I'd say that didn't ya? ).

The example you give, BoF, would qualify as one paragraph. However, if each bulleted item itself is an entire paragraph, then it would be best to snip up and post the most relevant points.