Seems that 'wp_list_archives' does not exist in the Codex...
We couldn't find anything!
Seems that this little function got overlooked?
I assumed it existined basd upon the name of other functions (below) and I would expect it to behave similar to...
Well, come to think of it, 'wp_list_bookmarks' has a slightly different API then the others as well. :/
I assumed that each of these 'wp_list_*' functions had a very similar API, beyond the items needed for specific actions unique to that function.
When you guys get around to the next version of WordPress, can you look at getting the 'wp_list_*' functions API into a common set of parameters?