Can someone please explain in laymans term what the bake object and texture actually does??
As i understand the bake object renders out an image specificly for that object and that could help bringing render time down. So that image when i import it into a material and my object is exactly the same shape & dimensions as before then it should apply the texture the same way right??
So when is bake texture usefull and how do you use it??
They do essentially the same thing but the bake texture tag has many more options. The bake object function may not do what you need if you have more complex materials or want to split the output into different layers. For example, I don't think the bake object function works if you have materials with alpha channels.