Yep! creating high poly to low poly textures, baking/painting/normal/cavity/specular maps etc. has been in blender for a good while now and just seems to get better with each iteratation.

With other branches being worked on such as the 'Ocean' simulator and the new 'Cycles' render engine, Blenders new interface makes it a lot easier to get to grips with than it used to be, It seems to be on the move and is really no longer a geeky, masochistic program.