You're quite right, Trenloe -the formattedtext control adds a space in after a section of formatted text. I've noticed this when applying formatting using the GUI, and I've learned to always include punctuation in the formatting to minimise the appearance of extraneous spaces! This means that the punctuation itself gets formatted, which is not ideal, but is definitely the lesser of the two evils. So, in your example, you need to change
Code:
<b><u>Spell-Like Abilities</u>:</b>
to
Code:
<b><u>Spell-Like Abilities:</u></b>
in order to get rid of that haunting space.
I actually don't mind the colons, myself - dumping them seems to be a stylistic decision that Paizo have made. So I'd be happy to put them back in to ability descriptions, for example:
Explosive Rebirth (Su): When killed, a star archon explodes...
For spell lists (and SLAs, etc), the colon needs to go after the parenthetical info, as in:
Cleric Spells Prepared (CL 19th; concentration +26):
Also, whether or not you keep them in other places, they really shouldn't appear after section headings:
Special Abilities