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I will do

list/.Rule[a_,b_]-> b

Though less elegant for large case pattern test seems faster.

list = Table[{x -> RandomReal[], y -> RandomReal[]}, {i, 100000}];
list /. Rule[a_, b_] -> b; // AbsoluteTiming

{0.1530087, Null}

Heike's method

{x, y} /. list; // AbsoluteTiming

{0.3340191, Null}

If I have to choose {x, y} /. list all the way!