The main advantage of Pizoelectric injectors is that you can control the time of injection, duration of injection and the number of injections on the powerstroke very well. Some systems can inject fuel up to 4-5 times during the powerstroke. Also the other advantage is that with the high pressure of the fuel directly supplied to the injector this helps in better atomization of fuel. Common rail systems have been around for awhile now in commercial engines (cat has used them for some time now) but in the last few years they have come around in automotive diesels, alot of this is pushed by emissions. A common rail system is more or less the same as a fuel injected gas engine, they work on the same principle.
To mess with your mind a little, large commercial diesels in the 5, 10, 50, 100 thousand horse power range often use what is call a "common rail" or a "fuel rail" that is in fact low pressure. This line is a common header that supplies fuel to individual fuel pumps, these individual fuel pumps supply high pressure fuel (usually timed by the cam pushing on a plunger/piston in the pump) to the injectors. Large diesels can have sometimes up to 3 or 4 injectors per cylinder. And yes there are diesels that make more than 100,000hp you'll only find these is large merchant ships. Most people don't know diesels like that exist and they function much simpler than our truck engines. I've done a couple turbo rebuilds on 8000hp diesels, it's fun working on a turbo that is as big as a F-350 CC long bed.