Thanks to Marc again for this helpful article.
Here is the xsl code:
<xsl:template name=”MultiSelectDisplay”>
<xsl:param name=”MultiSelectValue”/>
<xsl:param name=”MultiSelectSeparator”/>
<xsl:choose>
<xsl:when test=”contains($MultiSelectValue, ‘;’)”>
<xsl:value-of select=”concat(substring-before($MultiSelectValue, ‘;’), $MultiSelectSeparator)” disable-output-escaping=”yes”/>
<xsl:call-template name=”MultiSelectDisplay”>
<xsl:with-param name=”MultiSelectValue” select=”substring-after($MultiSelectValue, ‘;’)”/>
<xsl:with-param name=”MultiSelectSeparator” select=”$MultiSelectSeparator”/>
</xsl:call-template>
</xsl:when>
<xsl:otherwise>
<xsl:value-of select=”$MultiSelectValue” disable-output-escaping=”yes”/>
</xsl:otherwise>
</xsl:choose>
</xsl:template>
Other useful SharePoint xsl templates written by Marc & Co can be found here.