I am writing a simple JUnit test for the MyObject class.
A MyObject can be created from a static factory met         
        
Iterables.elementsEqual is best choice:Iterables.elementsEqual is enough to compare 2 Lists.
Iterables.elementsEqual is used in more general scenarios, It accepts more general types: Iterable. That is, you could even compare a List with a Set. (by iterate order, it is important)
Sure ArrayList and LinkedList define equals pretty good, you could call equals directly. While when you use a not well defined List, Iterables.elementsEqual is the best choice. One thing should be noticed: Iterables.elementsEqual does not accept null
To convert List to array: Iterables.toArray is easer.
For unit test, I recommend add empty list to your test case.