In another conversation, it was brought up that <nav> adds useless code, like this:

<nav>
<ul>
<li>Link</li>
</ul>
</nav>

To me that does seem pointless. But the HTML5 spec does say that the element does not have to contain a list and they provide this example:

A nav element doesn't have to contain a list, it can contain other kinds of content as well. In this navigation block, links are provided in prose:

Code HTML5:
<nav>
 <h1>Navigation</h1>
 <p>You are on my home page. To the north lies <a href="/blog">my
 blog</a>, from whence the sounds of battle can be heard. To the east
 you can see a large mountain, upon which many <a
 href="/school">school papers</a> are littered. Far up thus mountain
 you can spy a little figure who appears to be me, desperately
 scribbling a <a href="/school/thesis">thesis</a>.</p>
 <p>To the west are several exits. One fun-looking exit is labeled <a
 href="http://games.example.com/">"games"</a>. Another more
 boring-looking exit is labeled <a
 href="http://isp.example.net/">ISPô</a>.</p>
 <p>To the south lies a dark and dank <a href="/about">contacts
 page</a>. Cobwebs cover its disused entrance, and at one point you
 see a rat run quickly out of the page.</p>
</nav>
If that is the case, would this mean that it is possible to write the navigation this way:

<nav>
<a href....>
<a href....>
<a href....>
</nav>

Then, target <nav> as you would targeted <ul>, and target the internal <a> as you would <li>. Personally, though, I like having the three targets of <ul>, <li> and <a>, whereas the above reduces that by one, and the previous adds one unnecessary. But would the above cause any unexpected problems?