Pyka did some research years ago on circuit training and hypertrophy in the aged but, I don't think he compared the difference IE. circuit vs traditional rest periods, but it would be a good place to start.
Muscle strength and fiber adaptations to a year-long resistance training program in elderly men and women.
J Gerontol. 1994 Jan;49(1):M22-7.
Also read the stuff by Pincivero and Athiainen on rest between sets.
The effects of rest interval and resistance training on quadriceps femoris
muscle. Part II: EMG and perceived exertion.
J Sports Med Phys Fitness. 2004 Sep;44(3):224-32.
The effects of rest interval length and training on quadriceps femoris muscle.
Part I: knee extensor torque and muscle fatigue.
J Sports Med Phys Fitness. 2004 Jun;44(2):111-8.
The effects of rest interval on quadriceps torque and perceived exertion in healthy males.
J Sports Med Phys Fitness. 1999 Dec;39(4):294-9.
Effects of rest interval on isokinetic strength and functional performance after short-term high intensity training.
Br J Sports Med. 1997 Sep;31(3):229-34.
Short vs. long rest period between the sets in hypertrophic resistance training: influence on muscle strength, size, and hormonal adaptations in trained men.
J Strength Cond Res. 2005 Aug;19(3):572-82.