Closed System = 1987-1990
Open System = 1991-2001
The "closed" system has a sealed pressure bottle at the right rear of the engine bay (passenger side) with a pressure cap on it. There is nothing actually "wrong" with the closed system - Eagle and I were discussing that earlier. There is no pressure cap on the radiator.
The "open" system was put in place alongside the ChryCo OBD electronics, and uses a radiator with a conventional pressure cap and a non-pressurized overflow tank.
The "closed' system is gaining ground with OEMs, I've had a few late-model vehicles with closed-type systems. The closed system is just as effective as a conventional "open" system when it comes to cooling - and I've got three in service (and Eagle five or six.)
The only real thing that can be said to be a problem with the closed system is that it is difficult to get the air pocket out from behind the thermostat when filling the system after a flush and drain - and the easiest way to fix that is to prevent it, or make the system self-correcting. I do this by drilling two small (~1/16") holes in the thermostat flange, and mount it such that one hole is at 12:00 and the other at 6:00 - the top hole passes air out of the block, the bottom hole passes water in.
I do this on pretty much every engine I service, and have for a number of years. You can't possibly harm anything by doing it, and I've known it to help to save a couple engines when head gaskets would seep gasses into the coolant system (which can cause air pockets as well.)
Why are the air pockets bad? If an air pocket forms behind the thermostat, it will not "feel" the water temperature, and will not open. Result? Steam voiding and overheating. If the thermostat does not open, coolant will not circulate out of the engine to the radiator.
As long as you keep the radiator flushed (and change the coolant every two years,) you should be fine.
Both open and closed systems have the plastic tank - the difference is that the closed system has a pressure cap, and the open system has a dust cap. Coolant does not flow through the "overflow" tank.
The closed system does require occasional changing of the pressurized plastic tank - probably every ten years or so. Quadratec carries replacement tanks, for about $25, as I recall.
You might also want to look for a post Eagle wrote - he's converted at least one closed system to use a metal tank and a standard pressure cap rather than the plastic tank and cap, and it's probably working quite well. I think he used a Moroso tank...
5-90