Well, I took another look at what is written and still disagree. In the 2008 NEC, 200.7(C) reads:
"The use of insulation that is white or gray or that has three continuous white stripes for other than a grounded conductor for circuits of 50 volts or more shall be permitted only as in (1) through (3)."
I read this as 3 separate permissions: "you can only do this if you meet (1), (2) or (3)." If the permission granted by 200.7(C)(1) was meant to be limited to those cases that don't fall under 200.7(C)(2), then 200.7(C)(1) should say so explicitly. Or 200.7(C) should read "where all of the following conditions are met". That would be my take on how Charlie's Rule applies to this text.
IMO rather than "you can only do this if you meet (1), (2), or (3)." it is "you can only do this if you meet (1), (2), and (3)." (2) and (3) limit themselves by starting out with "where....", and so they do not always apply, but in cases where (2) does apply, it becomes more restrictive that (1) alone.