IMHO there are plus and minus. Rear passengers have more space over their heads inside a Jazz than in a Baleno, and there is more space in Jazz when you fold the rear seats. Baleno has a traditional fold-system, not comparable with the excellent magic-seats of the Jazz.
On the other hand, the 1.3 of the Jazz definetly loses the game vs the 1.0 turbo powering the Baleno: at low, middle and high revs you have more drive pleasure, the engine responds quickly and strongly than the Honda naturally aspirated 1,3.