Hi Robb, if you were to promote that field to the SharePoint list it would fill with only the selected items showing.
If you want it in another field, then you have to get a little tricky (although I don't think there is a way to get it with line breaks).
Using a default value for your text field of: substring(eval(eval(YOURFIELDNAME[. != ""], 'concat("; ", .)'), ".."), 3) would always update the field whenever items are ticked or unticked and would then display the ticked items with semicolons in between, so in you case Bob; Mike. Essentially the formula evaluates your multi select field for any item that is ticked, the [. != ""] is the filter - which is doesn't equal nothing, and concatenates them together with the '; ' in between.
If you have trouble entering the above expression, switch to 'Edit Xpath (advanced) in the Fx dialog and then the expression is: substring(xdMath:Eval(xdMath:Eval(../my:YOURFIELDNAME[. != ""], 'concat("; ", .)'), ".."), 3)
Make sure you have the 'Refresh value when formula is recalculated' the on the Data tab of the et box.
Hope this helps.