Difference between row-based and statement-based replication in MySQL?

What is the actual difference between row-based and statement-based replication. I am actually looking in terms of replication's effect on the slave.

If I am using row-based replication then what is the effect on the slave and if I am using statement-based then what is the effect?

Please also take the following parameters in consideration:

   replicate-ignore-db  and replicate-do-db 

Thanks....!