Lists and Databases mean the same thing. Your game lists are found in the databases folder in your installation directory. Every wheel has a list and every list represents what you see on the wheel whether you actually own the games or not.
HyperSpin uses these lists as a reference for several things.
1. HS will populate a wheel based on what's in each list.
2. HS uses the list to identify artwork, themes and video so that your menus will look better by including the description for each game.
3. HS can order your games based on the order of these lists.
4. HS can set jump points when hitting left or right based on the lists.
5. HS uses the lists to populate the game's description, year and manufacturer.
6. HyperList helps you to make new genre lists and menus by filtering your current game lists.
7. HyperSpin can launch alternate executables for individual games based on the contents of your lists.
All lists or databases are just text files in the xml format. HS comes bundled with several lists already based on the latest no-intro dat files.
NOTE: HyperList is still being updated. Once all features all complete, a full written and video tutorial will be available here.