You are correct, within the context of the conditions in your initial clause; in fact, one of my (test) browsers renders <i>...</i> text in boldface, pointing up the fact that Gavin's reply below is a more precise characterization.
For reference, however, this, from w3c (at http://www.w3.org/TR/html401/present/graphics.html#h-15.2.1):
Rendering of font style elements depends on the user agent. The following is an informative description only.
TT: Renders as teletype or monospaced text.
I: Renders as italic text style.
B: Renders as bold text style.
BIG: Renders text in a "large" font.
SMALL: Renders text in a "small" font.
STRIKE and S: Deprecated. Render strike-through style text.
U: Deprecated. Renders underlined text.
(Emphasis in original; the draft .html 5 language is different.)
You will notice that w3c deprecates the last two, whereas PM does NOT (though I suspect you will find a consensus here against the use of U). Further, since you mention CSS, the word "style" in the w3c statement is NOT a reference to CSS.
And -- at this time -- the specialized sub- and super-set of .html 4.01 used in the Monastery does NOT accept .css entered in an input box.
To demonstrate:
<p style="font-style: italic;">This will NOT render as italic.</p>
This will NOT render as italic.
In fact, if you have "enforce" turned on and "reporting" set high in Display Settings (see above), you will see the second <p style="font-style: italic;"> highlighted (in my case, in a light grey) as non-conformant.
Of course, you can impose your own preferences on rendering by supplying .css in your personal style-sheet, but there's no assurance that other readers will have it rendered as you do.
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