The Trust list is where you select the users whose feedback on other users you trust and how deep is this trust. You can either trust just their feedback (select the Trust depth as 0), theirs and their trusted users feedback (Trust depth 1), and so on (up until Trust depth 3). Trusted feedback will be counted when displayed as numbers to the left of a users post in trade boards such as Marketplace or Goods.
The feedback page is where you can leave feedback on other users or see a detailed view of a users feedback. Trusted feedback will be shown first and untrusted feedback will be hidden by default. You can view it by clicking the link "Show ratings". Last of all, you can see all the feedback the user has left on others.
This covers the basics of the Trust system. If you want a more in depth description of the Trust system and details I probably missed, go here: https://bitcointalksearch.org/topic/marketplace-trust-211858.