Baking is the common term for saving shading/lighting on objects in a scene. You can bake standard materials with Turtle to create stunning global illumination for game levels. Many different aspects of lighting can be baked, and the result can be output to texture maps, colors per vertices, or point clouds.
ShaderFX lets you bake any preview swatch in your ShaderFX graph to a texture. See Baking in ShaderFX. You can also bake some outputs from ShaderFX with Turtle. The following outputs are currently supported in Turtle when using ShaderFX: Normal, Displacement, Ambient Occlusion (a Custom map type), Custom, Illumination, Directional Occlusion Map, Radiosity Normal Map, Polynomial Texture Map, Spherical Harmonics, Lua.
Turtle's main baking settings are found in the Baking tab of the Texture Baking Settings window (Windows > Materials/Texture Baking > Texture Baking Settings), but the settings in the other tabs also affect baking. For example, you can enable Turtle's anti-aliasing and filtering in the Sampling tab to bake high quality textures, or enable Global Illumination in the Global Illumination tab to bake down light maps with indirect lighting.
Before you bake, you can visualize your scene to detect image quality problems. See Visualize a scene.