Light is emitted across the surface of a rectangular area. They are baked only which means you won't be able to see the effect until you bake the scene.
Area Lights have the following properties:
Directional Lights emit light in a single direction (much like the sun). It does not matter where in the scene the actual GameObject is placed as the light is "everywhere". The light intensity does not diminish like the other light types.
A Directional Light has the following properties:
A Point Light emits light from a point in space in all directions. The further from the origin point, the less intense the light.
Point Lights have the following properties:
A Spot Light is much like a Point Light but the emission is restricted to an angle. The result is a "cone" of light, useful for car headlights or searchlights.
Spot Lights have the following properties:
If you select Hard or Soft Shadows, the following options become available in the inspector:
Emission is when a surface (or rather a material) emits light. In the inspector panel for a material on a static object using the Standard Shader there is an emission property:
If you change this property to a value higher than the default of 0, you can set the emission color, or assign an emission map to the material. Any texture assigned to this slot will enable the emission to use its own colors.
There is also a Global Illumination option which allows you to set whether the emission is baked onto nearby static objects or not:
If the object is not set to static, the effect will still make the object appear to "glow" but no light is emitted. The cube here is static, the cylinder is not:
You can set the emission color in code like this:
Renderer renderer = GetComponent<Renderer>();
Material mat = renderer.material;
mat.SetColor("_EmissionColor", Color.yellow);
Light emitted will fall off at a quadratic rate and will only show against static materials in the scene.