Camshafts: What effect does increased lift have on performance?

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.
But the one with higher lift will spend more average time in the higher lift range then the lower lift cam and ports generally flow more at higher lifts.

Eg. low range 0-.250 higher range .251 - .500 which cam is gonna spend more average time at the higher lift range .500 vs .550 ?