@ChrispiZ
This is not that new.

Build a usual highres mesh/character with all kind of textures. From the highpoly model build an lowpolymodel and applay some new texturecoordinates to it. After that use your renderplugin and bake the informations from the highres to the lowres model. If you thinking about the "Render to texture" way from 3dsmax-this give you not really a that good result. Try a plugin like Kaldera from Mankua for this-it works amzing and was developed for this work.