Aren’t these pretty much the same features? I am new to Cubase 8 after having used 6.5 for many years. Thanks!
Render in place is highly configurable (comes with its own menu for signal flow etc.)
And RIP turns a midi file connected to a VSTi into an audio file.
And RIP can include effects and EQ.
Bounce is good for just creating a new file out of some processed, edited or altered raw audio file. Then you have a new fresh file to do further editing on rather than having operation upon operation you ask Cubase to perform in realtime like Vari-audio on Tempo mapping on Quantization. Your computer might love you if you bounce files once in a while. 