**NOTE:** Before commenting here, please see http://meta.emacs.stackexchange.com/q/160/50 

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When describing key bindings, should it be preferable to use
<kbd>C-x</kbd> 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._