"Client-Side MVC - Backbone Style" example not working as described

The description of the example in the Client-Side MVC - Backbone Style section states the following:

"In our example, the render() method uses a template to construct the HTML for the Todo item which is placed inside a li element."

When I run the example there is no li element to be found. The underscore template markup (a div wrapper and an input element) is simply injected into the "todo" div in the main HTML page.

As a complete newbie to Backbone, I could easily be missing something, but it appears the description does not match what the code is actually doing. This is a bit disheartening as this is the first example in the book.