Looks like you have a detail map input, not sure if that was your intention or not.
You've got mesh normal smoothing errors all over the place on your low poly, and your high poly is actually no better. If you're using 3ds Max, you'll want to adjust your smoothing groups accordingly on your low poly cylinders to achieve a smooth, rounded appearance. If Maya, soften edges.
Your high poly mesh should not have such distinct edges on those cylinders, you should revise your high poly model before baking again to get nice rounded cylinders. For a clean bake, you'll want your low poly geometry to match the high poly's as close as possible without going over your geometry budget.
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Normal map, High Poly, Low Poly, Uv's
You've got mesh normal smoothing errors all over the place on your low poly, and your high poly is actually no better. If you're using 3ds Max, you'll want to adjust your smoothing groups accordingly on your low poly cylinders to achieve a smooth, rounded appearance. If Maya, soften edges.
Your high poly mesh should not have such distinct edges on those cylinders, you should revise your high poly model before baking again to get nice rounded cylinders. For a clean bake, you'll want your low poly geometry to match the high poly's as close as possible without going over your geometry budget.
Regarding UV mapping, you should separate your UVs into islands that match your mesh normals. Look at this thread for more detailed explanation: http://www.polycount.com/forum/showthread.php?t=107196