I just finished creating a template and the preview looks good. After placing the auction, all the text in the Terms and Conditions appears underlined. Going back to the preview it appears as it should.
A link to the auction is:
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=10960&item=2158736198

I don't see that problem, did you already fix it? The only problem I see is that it is really hard to read your text on that dark background.

It's a cross browser problem. Not everyone uses Internet Explorer. The code doesn't look the same in all browsers. The mass of underlines are there in Opera 7 and Netscape 4.79 but not there in IE 6.0 and Netscape 7.1.