This is a small module written to provide a custom formatter for taxonomy items. The default formatters both output the terms wrapped in divs. This module adds a new formatter that allows you to specify the element type, the wrapper type, classes for both, the separator used, and if they link to the term pages or not. This gives much more customizable layout options.
This project was started in Drupal 7 and will not be back ported unless a good number of requests come in.