I think it's preferable to avoid particular case. The result of a tikz's environment is a box with a width, a height and a depth. Normally, the lower end of the picture is put on the current baseline. We can consider in this case that the depth is null. You can modify the value of the depth and of the height with the use of the option baseline (option of tikzpicture).
In the next picture, the circle is placed at (0,0)

\documentclass{article}
\usepackage{tikz}
\begin{document}
a\tikz [baseline=0pt] {\draw (-1em,-1em) rectangle (1em,2em);
\fill (-1em,0) circle (2pt);
\draw[dashed] (-1em,0em) --(1em,0em); }b
\tikz {\draw (-1em,-1em) rectangle (1em,2em);
\fill (-1em,0) circle (2pt);
\draw[dashed] (-1em,0em) --(1em,0em); }
\end{document}
The first rectangle is placed with the circle on the baseline, for the second rectangle without the baseline option the depth of the box is null.
The problem now is how to use the baseline option. The pgfmanual says /tikz/baseline=⟨dimension or coordinate or default ⟩ with default =0pt. To avoid the use of a dimension we can use coordinate. It's possible to name the coordinates with tikz, so it's easy to use a name but if you have no name in your picture, tikz allows the use of a particular node : it's the current bounding box.
For example,
a\tikz [baseline=(current bounding box.base)] {%
\draw (-1em,-1em) rectangle (1em,2em);
\fill (-1em,0) circle (2pt);
\draw[dashed] (-1em,0em) --(1em,0em); }b .
gives the same result as [baseline=0pt]
Particular case with only one node in the picture
It's possible to use anchor = base because the current coordinate is (0,0) but
\documentclass{article}
\usepackage{tikz}
\begin{document}
a\tikz[baseline] \draw (0,-1em) -- (0,2em) +(1em,0) node[anchor=base] {$m$};
\end{document}
is wrong. anchor=baselike jake wrote is an option for the nodes.

The (0,0) is placed on the baseline but not the text. anchor=base is not very useful in this case.
Now you can use a coordinate defined in the picture
if in the picture there are several nodes, we need to define a particular node
\documentclass{article}
\usepackage{tikz}
\begin{document}
a\tikz[baseline=0pt] {\node at (0,-1em) {$m$};
\node(x) at (1em,2em) {$n$};
\node at (2em,3em) {$p$};}b
c\tikz[baseline=(x.base)] {\node at (0,-1em) {$m$};
\node(x) at (1em,2em) {$n$};
\node at (2em,3em) {$p$};}d
\end{document}
In this case, the (x.base) is placed on the baseline. Tikz modified the depth of the final box to place n on the baseline.
