I recently started a thread regarding my dead GTX 570.
I baked it and nothing changed. I also noticed bulged capacitors after the baking. The capacitors where bulged before the baking though. I had taken some pictures when I dismantled it and noticed them later.
I have ordered new capacitors and I hope it will work again. As I said in my thread, it's the challenge of the repair and not the worth of the old hardware.
Coincidentally, one of my 5850s also broke down back in June, but I did not pay too much attention.
After I received my first baking experience with my 570 though, I grew braver and just a couple days ago, I threw my 5850 in the oven too, lol.
The good part is that the 5850 did work. It is now alive and kicking. I even made a crossfire video for my Youtube channel to celebrate.

Overclocked to 950 too. (spicy wallpaper alert)
Mad Max 1920X1080 Maxed 5850 Crossfire @950Mhz Q9550 @4GHz
Anyhoo, the malfunction of the 5850 was different than the one on the 570. Both cards were making the system produce a vga beeping error, but the 5850 let the system proceed into booting, while the 570 was halting it.
So baking will obviously not fix all malfunctions. In my understanding it can only fix microfractures in the solder, but this seems to be quite common.
Problems in the VRM, capacitors, ram chips etc, will obviously not be fixed.
One point of interest is that I baked my 570 with the GF110 facing down, while I baked the 5850 with the Cypress facing up. Also I baked the 5850 for twice as long. I wanted to protect the GF110 from the excess heat, but maybe this wasn't such a good idea. Good thing it didn't fall off.
So the 570 is in for another baking session, lol. Without capacitors this time. I will solder the new ones after the baking.