The list grid property can render any list within the site map with a multiple of filtering overriding styling options.
This grid property is mainly used to render the latest news items.
By default, the list will automatically inherit the list style, theme and order of the List page (which are applied in "List settings" tab) but the content editor has the ability to override all of these without affecting anything on the List page.
Other styling options available are the option to hide the heading, introduction, date and links and also make the list items height consistent. Again, applying these options will not affect anything on the List page.
The list below is pulling through the Standard list and as you can see the styling and ordering are completely different.