I want to store a small list of a simple object (containing three strings) in my ASP.NET MVC application. The list is loaded from the database and it is updated rarely by ed
Application_Start really only gets fired on App Pool Recylce's, IIS Resets or reboots. If your updating these values that infrequently, why not store them in your web.config and access them that way?
That being said, I don't think there is anything wrong with your approach. Though more typically I've seen people using config files for rarely changed values.