So what did you do to achieve the far right example? I see that the edges are jagged, but from the side you don't have wavy lines, which is what I'm after. All my examples / tests have the result of your middle cylinder.
I could for this example, but it would be tedious to paint it out when you have a 6-shooter that has a lot of edges all with this issue. I'd rather learn to do it right.
for the 24 sided example, make sure that top and bottom caps of your mesh are exactly where they are in the HP, thats really the only thing i can think of, if its a little off its going to be rendering the edge in the wrong place.
Still getting some pretty harsh waviness. I went off of EQ's example of the 24-sided cylinder. I am going to try the 45 degree bevel now. I included my map baking options to see if I have anything wrong in there. You can enlarge the image to read the text in the map baking window better.
Well I suppose you could achieve this with a tweaked cage for projection, but I actually just extracted the caps so that I had 3 separate objects. Then I had to tweak the UVs slightly. I wouldn't call this a pretty way of doing it, but that's how I created the example one on the right. I didn't give it much thought, but…
It's a problem on any geometry where you have a face bounded by two sets of 90 degree interior angles. As you found out it's the ray cast direction from the normals that results in either "wavy" edges, or ray misses if you have hard edges. I tend to go for the following solution - just a single bevel on the lowpoly at 45…