$ list="a b c"
$ for i in $list; do echo $i; done
a b c
$ rpm -q zsh
zsh-4.3.10-alt6
$ ls -l ~/.zshrc
-rw-r--r-- 1 mike mike 0 Aug 28 15:49 /home/mike/.zshrc

Reproducible on x86_64 and i586 builds, just in case.  And works as expected in bash:

[mike@pad ~]$ list="a b c"
[mike@pad ~]$ for i in $list; do echo $i; done
a
b
c