It might work the same depending on your use of it but it's not the same. In that instance L will become a blank list if it is equal to None, zero, or a zero length string. There are many cases where this wouldn't affect anything, but there can also be instances where that will cause you to define L as a blank list when you really wanted to keep L's value. I think it's always better to be explicit and test for the value(s) you expect.
I'm a little confused about this as an assignment to a variable. Is that because of the 'return' omission referred to below? If all function f did was return x, I could see how this works with a 'return' prepended.
But if this expression is a line in a larger function, and is intended to reset the value of argument x if no other value is passed in for it, does this really act as an assigment to x? Because I sort of read this expression as evaluating to some value -- the passed value for x, or a [] -- but does this assign that value to the argument x? Or must it be x = [expression]
Because that "if" is a statement whereas the ternary expression is, well, an expression. There are places expressions can be used that statements can't (eg lambdas) and that x or [] won't work (eg when x is False).
That said, people still seem to favor your form as the more Pythonic way. Personally, I think that's just because the ternary expression is relatively new.
I originally had "don't do that!" in my comment with your exact code, and edited it out for brevity because I've only seen a couple people do it (and they understood the ramifications, which others have told you). If you're interested in brevity, this is as terse as it gets:
def f(L=None): L = L or []