  We review recent theoretical progress aimed at understanding the formation
and the early stages of evolution of giant planets, low-mass stars and brown
dwarfs. Calculations coupling giant planet formation, within a modern version
of the core accretion model, and subsequent evolution yield consistent
determinations of the planet structure and evolution. Because of the
uncertainties in the initial conditions, however, it is not possible to say
whether young planets are faint or bright compared with low-mass young brown
dwarfs. We review the effects of irradiation and evaporation on the evolution
of short period planets and argue that substantial mass loss may have occurred
for these objects. Concerning star formation, geometrical effects in protostar
core collapse are examined by comparing 1D and 3D calculations. Spherical
collapse is shown to overestimate the core inner density and temperature and
thus to yield incorrect initial conditions for PMS or young brown dwarf
evolution. Accretion is also shown to occur over a very limited fraction of the
protostar surface. Accretion affects the evolution of young brown dwarfs and
yields more compact structures for a given mass and age, thus fainter
luminosities. This can lead to severe misinterpretations of the mass and/or age
of young accreting objects from their location in the HR diagram. We argue that
newborn stars and brown dwarfs should appear rapidly over an extended area in
the HR diagram, depending on their accretion history, rather than on a well
defined birth line. Finally, we suggest that the distinction between planets
and brown dwarfs be based on an observational diagnostic, reflecting the
different formation mechanisms between these two distinct populations, rather
than on an arbitrary, confusing definition.
