Let me clear you difference between three systems
1- Distributor ignition system (having distributor cup along with side coils)
2- Distributor less ignition system (having no distributor but have side coils)
3- Waste spark ignition system (the one you see in your baleno
i hope you can understand the difference between 3 type, the one we use to call distributor system of baleno is actually the distributor less system of baleno and the waste discharge ignition system is other than these both...
the pros and cons of the post 2003 ignition system is not worthy to discuss, no major difference, there are some technical differences, like...
1- waste system produces very high voltage spark in coils (about 30000-40000 volts) where as side coil system produces relatively less voltage spark (15000-20000volts)
2- due to high voltage spark, waste discharge system is known to have less exhaust emissions and high performance system (good pick and nice fuel economy)
3- waste discharge system has a limitation that it is not successful on bi fuel vehicles (this is the main reason of failure of CNG baleno, liana, APV, Sentro, Mitsu Lancer etc)
i hope the answer shall satisfy the purpose:)