For an empty list, I would recommend using []. This will be faster as it avoids finding a name for the inline name list. The embedded name can also be overwritten with a global or local name; it will only affect list(), not [].
list() :
a = (1, 2, 3)
b = list(a)
(Python 2.7.3rc2, Intel Core 2 Duo):
In [1]: %timeit []
10000000 loops, best of 3: 35 ns per loop
In [2]: %timeit list()
10000000 loops, best of 3: 145 ns per loop