My understanding was that Google's malware list is a two prong approach:

  1: An all-in-one lump download of blacklists
  2: Optionally, "Enhanced" also sends hashed URLs to Google in case specific sub-pages aren't on the list, etc

Easylist, of course, only offers #1. Firefox, by default, uses both, which is less private, but seemingly still configurable to use only #1.

Citations:

http://www.google.com/tools/firefox/safebrowsing/faq.html

https://developers.google.com/safe-browsing/firefox3_privacy...

http://www.pclinuxos.com/forum/index.php?topic=124878.0