What else do you need? Still pre-bake is just that. It fakes the real-time shadows and lighting effects. Thus, speeding things up. It also tends to look better, dependent on the scene of course. Any animated or dynamic objects still use real-time shadows so they can move. That's the idea anyway.
It has limitations of course. No day night cycles with prebake, as shadows can't change position. Although that at the moment given Reloaded's options is not that much of an issue. Also it can be very time consuming if you bake often or on a large map. Best, if you can, to build entirely in realtime as long as possible. Baking only at the end. Otherwise, you can spend hours watching bake screens after a time.
SPECS: Q6600 CPU. Nvidia 660GTX. 8 Gig Memory. Win 7.