^ This. Plus, this question is still an important one. The easiest way to clarify is with a hypothetical.
Situation 1: Greece is at war with Morocco, and has conquered Marrakech. I go to war with Greece. I capture Athens, racking up some substantial warmonger penalty. Then I move on to take Marrakech, liberating it and restoring it to Moroccan rule. The liberation bonus cancels out a good portion of my recent warmonger penalty. Morocco loves me, neutral civs are still neutral, so I have obtained Athens with very little diplomatic consequences.
Situation 2: Same setup, but I send my troops straight to occupied Marrakech. After liberating it, I move on and punish Greece by conquering, and keeping, Athens. It's the same result on the map; question is, is it the same result diplomatically. I.e. since I had no warmonger hate when I freed Marrakech, was the liberation bonus wated? Or is it stored and applied against my future warmonger penalty for taking Athens?
Any pros around here know the answer? Inquiring minds want to know.