Not only does writing your code in such a way that it states your intent make it easier to read for other humans, it also makes it easier for compilers/query planners to understand what you're trying to do and turn it into a more efficient process at run-time. Now query planners are usually pretty good at distilling joins from WHERE clauses, but that form does also make it easier for mistakes to creep in that can murder your query performance in subtle and hard-to-debug ways.
Hopefully that's not true. SQL's a declarative language, where you describe what you want and the system figures out how to do it. If you describe exactly the same thing using two different syntaxes, the system shouldn't really do anything different. That just makes the programmer's job harder.
Also if you work a lot with databases you often need to do outer joins, a full cartesian product is almost never what you want. The join syntax is more practical if you need to change what type of join you are performing, especially in big queries.
I'd be curious to know how many SQL people nowadays know what that does.
This is assuming that your SQL variant supports it.