That's pretty much the same as long as the Generic on the left side is set with a type.
But it can lead to strange situations when you do not set the type of the left sided value: value:
List l = new ArrayList<string>();
List<Object> o = l;
That certainly works while adding things to the List, because String is an Object.
o.add(new Object());
o.add("String");
But when you're fetching the values, it can lead to misbehavior:
System.out.println(o.get(0));