The operators are completely equivalent.
If you run only this section:
SELECT Persons.LastName, Persons.FirstName, Orders.OrderNo FROM Persons, Orders
You will receive any possible combination of persons and orders (Cartesian connection). With the WHERE added, you limit it to the appropriate combinations. This is exactly what INNER JOIN does. This form is more efficient than using the JOIN keyword, as you can choose which string combinations you want to match.
For example, I recently used a Cartesian join to create a list of all days between two dates. This is not possible with the JOIN keyword.
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