The key factor to overcrowding a slide is that it is too much for your audience to grasp (to the extent that it needs to grasp it) while following your talk at the same time. This is a common problem if your slide has a complex structure like some items with substructure or a complicated diagram plus other elements.
Your slide‘s structure is almost the simplest conceivable one: A container of items. Guessing from the context, there is no need for your audience to think about more than one item at once, e.g., to consider any interrelations between the items. The only problem I see is that it may overwhelm the audience if you directly confront it with the entire list. Therefore I would suggest to build up the list item by item (or in reasonable groups of items, if such exist). All these considerations also apply to a plain list, and thus I do not see any advantage of using one.
Another improvement that you should consider is removing the circles (as mentioned by John Manlymentioned by John Manly). If their contents are sufficiently uniform in blackness and size (which is a good idea anyway), they should be identifiable as analogous without additional visual help. However, it’s hard to be sure without comparing both versions.
