I think the title should explain it all but just in case...
I want to know what risks and potential issues relating to casting can arise from the following snippet o
You are correct about retrieving objects from typedList, this should work.
The problem is when you later add more objects to typedList. If, for instance, MyObject has two subclasses A and B, and wildcardList was of type A, then you can't add a B to it. But since typedList is of the parent type MyObject, this error will only be caught at runtime.