: This page on the Bufferbloat.net wiki summarises this better than I could: Cake. There's also more technical information available here: Cake Technical.
: No is right, when comparing sch_cake (w/ only the bandwidth parameter set) and fq_codel, fq_codel has lower avg. latency. However when enabling sch_cake's atm parameter, the induced latency goes down considerably. I've added some box plots below that makes it easier to compare them.