The /> is not a must, at the moment, as all things must be backward compatible. But as time goes on the standards will change so it is a good idea, and good housekeeping, to start using the /> now.
One error I have noticed on some of the major car manufacturers sites is not closing the <li> tag after each use. That is a basic requirement. At the moment it is not a problem as most browsers can deal with it, but the time will come when the page appearance will be affected.
Bob
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