On the bode plot, is it true that the cut off is when the gain value falls to 0.707 of the mid band gain?
Or is it where the steep fall begins?

 

The cutoff frequency is where the gain is reduced to 0.707 times its max gain.
It is also called "the corner frequency". The power in the load is half because the voltage is 0.707 times and the current is also 0.707 times.

 

Thanks a ton for your help guru for this and the other reply as well.

 

Also, in dB this is commonly called the "-3dB point".