This is often not good enough, as Arrays.asList returns some internal immutable List type. If you then tried to do something like myList.add("four"); you'd get an exception.
What you'd actually need to do is something more like:
> List<String> myList = new ArrayList<String>(Arrays.asList("one", "two", "three"));
Compare that to more dynamic languages, where that example would be:
> myList = ["one", "two", "three"]
Yes, it's a trivial example, but it's something many programs involve all over the place, and the boilerplate adds up a tedious task.
You don't have to do it even if you are writing Java. This is a perfect example of clever for the sake of being clever.