so does texture baking reduce the hassle of uv editing so that u can use the textures of one object to another?
UV editing is important.. I could get into the topic but it would be a lengthy discussion.
bottom-line, UV space in important it is in direct relation to your texture resolution and the quality and balance of the port into said platform.
texture baking should be used to trasnfer your textures over to a new and better designed UV layout suited best for your target platform
example
2048x2048 texture = OK for xbox360
2048x2048 texture = FAIL for wii
to resolve, shrink the 2048x2048 down... !!problem
of resolution, solution, dice your textures.
:: UV Editing Required <- {Important} = Baking is the Tool in this process