The guava builder saves typing the type arguments multiple times. Compare:
List<Foo<Bar, Baz>> list = Lists.newArrayList();
List<Foo<Bar, Baz>> list = new ArrayList<Foo<Bar, Baz>>();
In Java 7 it's a bit obsolete though, because you have the diamond operator:
List<Foo<Bar, Baz>> list = new ArrayList<>();
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