> For example, "Tabemashita" vs "Tabeta" - both mean something has been eaten?
Yes. They do not differ in meaning, only usage.
Keep in mind there are some times when it's inappropriate to use ( _tabeta_ ); typically these are in more formal (or less familiar) situations. Conversely, there are times when it is inappropriate to use ( _tabemashita_ ); typically these are in more familiar situations, among family or friends, or in certain grammatical constructs. (This would also be the case for _taberu_ and _tabemasu_ , and so on.)
If you want to read further on the topic, there's quite a bit of discussion and help surrounding these constructs.
* WordReference forum
* Tae Kim's Guide to Japanese
* About.com