re: Bake a cake the day of or day before?

Depends on the kind of cake, and whether you are icing/decorating. Highly decorated cakes are generally baked a couple of days in advance and the layers frozen (by pro bakeries). The frozen cake is a more stable decorating surface and is less likely to bubble or distort the decorations.

Pound cakes are also very tasty after 12-24 hours of mellowing. Your basic box mix baked in a sheet pan won't be harmed by a day's rest.

I think angel food is better when fresher, though.