"Apply as Shape" button in 2.53?

In 2.53, what is the difference between “Apply” and “Apply as Shape”?
Can this be used to keep data while freeing caches?:confused:
Thanks.

“Apply as shape” creates a new shape key. “Apply” applies the modifier to the object data as before. Both remove the modifier from the stack.

Thanks you. One other question- does it make just one, or multiple keys?

I’m not sure what you mean, but it adds just one shape key to the object. Try it!