Strips vs. Lists: from my experience both perform equally well on modern hardware, but strips are smaller (lists 3 indices per triangle, strips +/- 2 indices per triangle).
There's a tradeoff in this. Strips have a lower index count for sure, but lists can have a lower vertex count. With strips you're never going to get better than 1 vertex per triangle, whereas with a list the theoretical best case is 0.5 vertexes per triangle. As vertexes tend to be larger than indexes (is there ever any case in which they're smaller?) this can amount to a huge saving in vertexes as the cost of a smaller overhead in indexes.
That's not the full story though. The precise saving you'll get will be heavily dependent on the model you're rendering; if you have a lot of duplicated data then obviously there is more saving to be made with lists. You can also consider strips with primitive restart if you can target more modern hardware (which I assume is the case since you mentioned D3D10/11 draw calls), although my own experience is that it tends to be something of a wash between that and lists.
It's rarely mentioned but lists are also good for concatenating multiple strips (which you can also do with primitive restart) and for concatenating strips with fans and/or quads (which you can't do with primitive restart). Given the huge bandwidth of modern hardware that one point, IMO, tends to lead to me generally favouring lists, as it can result in less (and faster) preprocessing of model data in order to get it into a format where it can be used for drawing with, even in cases where a single large strip may benchmark as more performant. It also can lead to cleaner simpler code if everything can go through a common draw point.
One final point worth noting is that lists were used for everything in Quake 3 Arena; see: http://www.gamers.org/dEngine/quake3/johnc_glopt.html.
Yes, it's an old old old game, and yes, it's OpenGL, not D3D, but it was used as a common graphics benchmark for such a long time that it should be considered as a reasonable indicator of the direction much graphics hardware and drivers have been optimized in.
Always use triangle-order optimized indexbuffers. (e.g. D3DXOptimizeFaces()).
It's worth noting that these calls, despite being D3D9 and not present in 10 or 11, can be used in D3D10 or 11 by just including the relevant headers and libs.