It's not a bug, you're just using it wrong.

jQuery finds the value of the first input it encounters that is a descendant of a <li>. In this example, the <li>s are parent and child. In both <li>s the input with the value "test" is the first it finds.

<li class="parent">
	<ul>
		<li class="child">
			<input value="test">
		<li>
	</ul>
</li>

You should instead do something like this:

http://jsfiddle.net/mofle/D83Kq/2/

$('.ulList li input').each(function(i) {
   console.log( 'inputVal', $(this).val(), i );
});