Hi Jrunken and welcome to the discourse.
It's worth bearing in mind a fairly vital fact about suspension tuning ... there is no, single, right answer. In other words it's always a compromise. To get a certain behaviour that you want in one part of a corner you usually have to accept a worsening in handling at another.
However, there are a few 'rules' that hold true:
1) As mentioned above, Bound affects how the wheels react to the road and Rebound affects how the sprung mass (i.e. most of the car) responds to the inputs into the springs.
2) The springs control the
magnitude of effects whilst the dampers control the
rate at which things happen.
Oops ... got to go .. am at work now and boss's are looming. I'll expand on this later ...
{Some hours later ...}
Okay, where was I? Oh yes.
3) When dealing with how dampers affect cornering then, in general, the Front Bound and Rear rebound affect corner entry and the Rear Bound and Front Rebound affect corner exit.
There are basically four 'modes' in cornering i.e. Entry, Exit, Understeer and Oversteer. This gives you effectively four different relative ways in total to set a car up - two for corner entry and two for corner exit. Remember note 2) from above when reading the following.
First, Corner Entry.
If the car Oversteers too much when entering a corner then the requisite action is to either soften the Rear Rebound (letting the back end come up at a faster rate) and/or stiffen the Front Bound (slowing the rate at which the front end dips).
If the car Understeers too much when going in to a corner (i.e. during deceleration it is reluctant to turn in) then stiffen the Rear Rebound, which will slow the rate at which the back end comes up and/or soften the Front Bound (allowing the springs to compress more quickly and thus moving the point of balance and weight forward allowing sharper rotation)
Second, Corner Exit.
If a car Oversteers unacceptably on corner exit, then soften the Front Rebound (to get the front end up quicker and so tranfer weight rearwards) and/or stiffen the Rear Bound (which in this case makes the springs resist compression and so allows the energy of acceleration to create pressure on the road surface through the back wheels).
If a car will insist on following its nose off the racing line (i.e. Understeering out of a corner) then stiffening the Front Rebound will slow the rise of the front end. This can be augmented by softening the Rear Bound which allows the springs to absorb the weight transfer more quickly (which means less rear end grip in this instance).
That turned out a lot more 'wordy' than I'd planned on - I hope it wasn't too unclear?
To paraphrase ...
Corner Entry Oversteer Reduction: -Rear Rebound, +Front Bound
Corner Entry Understeer Reduction: +Rear Rebound, -Front Bound
Corner Exit Oversteer Reduction: -Front rebound, +Rear Bound
Corner Exit Understeer Reduction: +Front Rebound, -Rear Bound
Better? Or worse
?
The thing that really clouds the issue is which way the values in the game are configured i.e. is higher stiffer(slower) or is it softer(quicker)? For myself, I've never gone wrong by working on the 'Higher is Stiffer' theorum for both Bound and Rebound. There is, however, a hefty body of people who think otherwise ...