Hi Aamir,
Advanced Availability architecture was introduced in SDM 12.9. Now, just to correct one thing, Conventional, Primary/Secondary, does NOT have failover capability. ONLY Advanced Availability has the ability to do that. The failover is one capability, but the real advantage that I see with Advanced Availability is that its truly distributed computing - meaning, in Advanced Availability, each app server has its own database agents, so the query load is actually distributed where as on conventional, ALL queries go through the primary, which is where the dbagents are running (they do not run on secondary servers). Now depending on how you are using the product, there are other advantages. For example, if you are using web services, what you can do is create groups of app servers. For example, you can have 4 app servers behind one load balancer for the users to access, and then you can have another 2 app servers behind a separate load balancer url just for web services to hit. This way if the web services cause a bottleneck or cause something to go down, the users are not affected.
So it really depends on how you are using SDM to tell you which one would be better for you. I would recommend Advanced Availability for better performance, but it will require more hardware/servers to use it because it requires a minimum of 4 servers (Background, Standby, App1, App2).
Hope this helps a bit.
Let us know,
Jon I.