Camshafts: What effect does increased lift have on performance?

Generally cams with more lift should spend a higher percentage of time at higher lifts so generally should flow more air and make more power. Especially if engine starving for air, obviously it's all combo dependent.
Well, not really. Duration is the rotation in degrees the valves are open. Lift is how far they open. Say a .450 and a .500 lift cam with the same duration are compared. The valves are open for the same length of time but they open .050 further on the .500 lift cam. And, it makes sense that they open quicker to get to the higher lift in the same amount of time.