The pre '03 24V uses a Bosch VP-44 injection pump to time and pressurize the fuel. The injectors on this system are nothing more than nozzles
The HPCR uses a CP-3 pump to pressurize the common rail (which is a plenum, basically) and then the injectors (which are equipped with solenoids) are computer controlled to time the injections.
The advantages of the common rail are that the engineers can program the system for a wide range of conditions and it lends itself to more "micro management" of the fuel system. The HPCR equipped engines are quieter than the VP-44 engines in a large part due to the pilot injection system which allows a small amount of fuel into the combustion chamber prior to the main shot to allow the flame front to detonate less violently. In the field, the HPCR CP-3 pumps seem to be far less prone to catastrophic failure (usually induced by a failed lift pump) than the VP-44.
The advantages of the VP-44 (IMO) are that in the event you have an injector solenoid failure in the open position, the HPCR engine can, and will, torch a cylinder. Doesn't happen often, but it is more of a risk on the HPCR than the VP-44 equipped trucks.
Cheers,
Dave