The first syntax is (as you pointed out) a cross join or Cartesian product of the two tables. In a system with no optimizer (or a poor optimizer) this will produce a combination of every record in the first table combined with every record in the second table, then filter them down to just those matching the WHERE clause.
The output from both statements will be the same, and if the system you are using has a good optimizer than the performance will be the same as well.
Two comments I would offer:
1) I find it better to be explicit about your intent when writing statements. If you intended to perform an INNER JOIN then use the INNER JOIN syntax. Future you 6 months form now will be thankful.
2) The optimizer in SQL Server will perform an INNER JOIN in this situation (at least recent versions, can't guarantee all versions), but how well it guesses that path is going to depend on the version of the SQL Server engine and is not guaranteed to remain the same in the future (I doubt it will change in this situation, but is the cost of a few more characters of typing really that high?)