Baleno will be a 2004 / 2005 max.
Liana will be 2006 / 2007.
Baleno will cost 5 lacs.
Liana will cost 6 to 6.5 lacs.
Over all performance of Baleno is better offcourse.
Options in Liana will be much more, MP3, everything powered with a new looking dash board.
My Vote will be for Liana for 1 lac rupee more, you get much more options and a fresh car.