Round Bar vs Machine Rod? What is the difference?

Round bar is just extruded (just like tooth paste coming out of tube), so there may be some (really minor) fluctuations in diameter. Machined rod, as the name states, is machined, so tolerances are tighter. The machined rod is therefore more expensive.
T6 and T5 are heat treatments, so it says nothing about what (aluminium) alloy you have.