NOTE: Before commenting here, please see May we settle on using backticks for key descriptions?

When describing key bindings, should it be preferable to use C-x instead of C-x? That is, use the <kbd> tag instead of backticks.

I've rephrased this question so we can discuss it in the answers. Any opinions and such can go in the comments and we can adapt the answers accordingly.

People can up vote the one they agree with, and in a couple of weeks we can check the number of up votes and disregard the down votes.