One possible solution; \l@subsection is redefined to suppress the page number and then, the etoolbox package is used to patch \section and \subsection: each subsection (except the first one) adds \unskip.~\textbullet\ before the corresponding entry in the ToC, and every \section adds the final dot (\unskip.) to the last subsection of every section in the ToC:
\documentclass{article}
\usepackage{etoolbox}
\newlength\rightmargintoc
\setlength\rightmargintoc{\linewidth}
\addtolength\rightmargintoc{-3em}
\makeatletter
\renewcommand*\l@subsection[2]{%
\parshape 2 0em \rightmargintoc \parindent \rightmargintoc%
\leavevmode#1}
\makeatother
\pretocmd{\subsection}{%
\ifnum\value{subsection}=0\relax
\else\protect\addcontentsline{toc}{subsection}{\unskip.~\textbullet\ }
\fi}{}{}{}
\pretocmd{\section}{%
\ifnum\value{subsection}>0\relax\addcontentsline{toc}{subsection}{\unskip.}
\else\fi%
\addtocontents{toc}{\par}}{}{}
\AtEndDocument{\ifnum\value{subsection}>0\relax\addcontentsline{toc}{subsection}{\unskip.}\else\fi}
\begin{document}
\tableofcontents
\section{Test Section One}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\subsection{Third Test Subsection}
\subsection{Fourth Test Subsection}
\section{Test Section Two}
\section{Test Section Three}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\end{document}

A modification for the book document class was requested in the comments:
\documentclass{book}
\usepackage{etoolbox}
\newlength\rightmargintoc
\setlength\rightmargintoc{\linewidth}
\addtolength\rightmargintoc{-5em}
\makeatletter
\renewcommand*\l@subsection[2]{%
\setlength\@tempdima{3em}%
\parshape 2 2.5em \rightmargintoc \dimexpr\parindent+2.5em\relax \rightmargintoc%
\leavevmode#1}
\makeatother
\pretocmd{\subsection}{%
\ifnum\value{subsection}=0\relax
\else\protect\addcontentsline{toc}{subsection}{\unskip.~\textbullet\ }
\fi}{}{}{}
\pretocmd{\chapter}{\addtocontents{toc}{\par}}{}{}
\AtEndDocument{%
\ifnum\value{subsection}>0\relax
\addcontentsline{toc}{subsection}{\unskip.}\addtocontents{toc}{\par}
\else\fi}
\begin{document}
\tableofcontents
\chapter{Test Chapter One}
\section{Test Section One One}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\subsection{Third Test Subsection}
\subsection{Fourth Test Subsection}
\section{Test Section One Two}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\chapter{Test Chapter Two}
\section{Test Section Two One}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\chapter{Test Chapter Three}
\section{Test Section Three One}
\section{Test Section Three Two}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\end{document}
An image of the resulting ToC:

If hyperref is loaded, some additional precaution must be taken:
\documentclass{book}
\usepackage{etoolbox}
\usepackage{hyperref}
\newlength\rightmargintoc
\setlength\rightmargintoc{\linewidth}
\addtolength\rightmargintoc{-5em}
\makeatletter
\renewcommand*\l@subsection[2]{%
\setlength\@tempdima{3em}%
\parshape 2 2.5em \rightmargintoc \dimexpr\parindent+2.5em\relax \rightmargintoc%
\leavevmode#1}
\makeatother
\pretocmd{\subsection}{%
\ifnum\value{subsection}=0\relax
\else\protect\addcontentsline{toc}{subsection}{\texorpdfstring{\unskip.~\textbullet\ }{}}
\fi}{}{}{}
\pretocmd{\chapter}{\addtocontents{toc}{\par}}{}{}
\AtEndDocument{%
\ifnum\value{subsection}>0\relax
\addcontentsline{toc}{subsection}{\texorpdfstring{\unskip.}{}}\addtocontents{toc}{\par}
\else\fi}
\begin{document}
\tableofcontents
\chapter{Test Chapter One}
\section{Test Section One One}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\subsection{Third Test Subsection}
\subsection{Fourth Test Subsection}
\section{Test Section One Two}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\chapter{Test Chapter Two}
\section{Test Section Two One}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\chapter{Test Chapter Three}
\section{Test Section Three One}
\section{Test Section Three Two}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\end{document}
Here's now an improved version:
\documentclass{book}
\usepackage{etoolbox}
\usepackage[colorlinks=true,linkcolor=cyan]{hyperref}
\newlength\rightmargintoc
\setlength\rightmargintoc{\linewidth}
\addtolength\rightmargintoc{-7em}
\makeatletter
\def\subsectocline#1#2#3#4#5{%
\parshape 2 2.5em \rightmargintoc \dimexpr\parindent+2.5em\relax \rightmargintoc
\@tempdima#3
\ifdim\lastskip=1sp\relax\ \textbullet~\else\fi{\small#4.}\hskip1sp%
}
\renewcommand*\l@subsection{\subsectocline{1}{0em}{3em}}
\makeatother
\pretocmd{\chapter}{\addtocontents{toc}{\par}}{}{}
\pretocmd{\section}{\addtocontents{toc}{\par}}{}{}
\AtEndDocument{%
\ifnum\value{subsection}>0\relax
\addtocontents{toc}{\par}
\fi}
\begin{document}
\tableofcontents
\chapter{Test Chapter One}
\section{Test Section One One}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\subsection{Third Test Subsection}
\subsection{Fourth Test Subsection}
\section{Test Section One Two}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\chapter{Test Chapter Two}
\section{Test Section Two One}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\chapter{Test Chapter Three}
\section{Test Section Three One}
\section{Test Section Three Two}
\subsection{First Test Subsection}
\subsection{Second Test Subsection}
\end{document}
The resulting ToC:
