I guess
localhost refer to one IP address which is by default
127.0.0.1, but,
localnet refer to every network that you have an IP address from it on interface on your machine.
For example, if you have two interfaces and every one have its IP from different network so
localnets can match all networks.
eth0 ip 10.0.0.1 netmask 255.0.0.0
eth1 ip 192.168.0.1 netmask 255.255.255.0
So
localnets match (
10.0.0.0\8, 192.168.0.0\24).