The comparison in that article isn't between two simple binding operations, those measurements refer to a scenario in which you add a single item to a WPF ListBox that is already bound to either a List<T> or an ObservableCollection<T>.
As the author remarks:
...the CLR List<T> object
does not automatically raise a
collection changed event. In order to
get the ListBox to pick up the
changes, you would have to recreate
your list of employees and re-attach
it to the ItemsSource property of the
ListBox. While this solution works, it
introduces a huge performance impact.
Each time you reassign the ItemsSource
of ListBox to a new object, the
ListBox first throws away its previous
items and regenerates its entire list.
This explains the performance difference. Even though ObservableCollection<T> is backed by a List<T>, it implements the INotifyCollectionChanged interface, which renders all that extra processing unnecessary.