Basic strategy for baccarat is simple. Bet banker. The house edge is lower than player, even with the commission.
Card counting in baccarat:
Plenty of research on this has been done, and the results are unanimous. This game doesn't provide any profit opportunity for counters. For example, in Peter Griffin's book
The Theory of Blackjack, Griffin estimates that if you had a computer-perfect system, and played against a game where the cards were dealt down to only 10 remaining, you could make about $20 per shoe. But, to do that, you have to be willing to bet $1000 any time you have any advantage. You'd also have to not bet at all until those very rare situations when you would place a $1000 bet, because the cost of even $25 minimum waiting bets would undo your entire edge.
One trivial point for NYBear: It's Thorp, not Thorpe.