It's confusing for me that when I was asked to create a record about a transport vessel, I was told that I have to create it in the parameter screen, where it saves all the configuration plus master data. The information saved was trivia (only the vessel name and a key) but should it be stored in the parameter table? I'm puzzled but nevertheless I can do a comparison between the two approach.
1. Quick and easy to save and edit.
2. No additional user interface. One parameter interface rules all.
1. Messy because other values (e.g. transport name, company name, model name) also stored in the same table
2. No room for adding new/custom fields
3. Value stored is not relevant to the field name. ("Value" field can be number, text or date)
Maybe it wasn't a bad idea after all, if the value will not have any further fields or attributes in the future. Else it's better to stick to a new table.