As best I understand, the event inheritance model has the initiator send all messages to all observers. The observer is responsible for deciding which messages apply. The advantage of this model is that multiple observers can process the same message. The disadvantage of this model is that it quickly gets complex when you have lots of initiators and observers.
The event delegation model requires observers to register with the initiator. If the initiator has only one registration method, than this is analogous to the event inheritance model. When the initiator has more than one registration method, then the initiator has the ability to send messages to just the observers that need the message. The event delegation model scales better when you have a lot of initiators and a lot of observers.