Edit: I was under the impression that 1 baud = 2bps because I saw this wikipedia page http://en.wikipedia.org/wiki/List_of_device_bit_rates . I was wrong.
Back in The Day, 300 baud translated to 300 bits per second, but "as modem technology advanced, compression and other techniques were able to get higher bit per second transfer rates without a corresponding linear increase in state changes. Baud became an outdated term because it wasn’t able to accurately and proportionately express transfer rates, so bps became the standard."[0]
There is some more in-depth information about what "as modem technology advanced" means on Wikipedia[1]. Interesting stuff.
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So each baud carried one bit, and we got used to equating 300 baud with 300 bps. Then came 1200 bps modems, which sent two bits per symbol (four discrete tones, IIRC); they were technically 600 baud modems. It got more complex from there. And thus the confusion began; trying to tell people they had a 600 baud modem was about as useful as trying to tell them it's really called GNU/Linux.
Nooo, then came 1200-75 asymetric modems - 1200 baud down, 75 baud up - sez the fellie that used to use edlin on the DEC Vax :(
Baudot is also the 5-bit code you see on some paper tapes.