Camshafts: What effect does increased lift have on performance?

[Kern Dog]

Lets say you have two camshafts with identical specs except the lift.
Same duration, same intake centerline, same lobe separation but one has say .480 lift and the other has .520. What does the additional lift do for performance?
A quickie Google search has evolved (or DEvolved) into experimental AI which could be good or bad, but it stated that higher lift makes more power but primarily at high rpm. It stated that torque was often negatively affected while high rpm was increased.
That seems incorrect to me as that sounds more like the effect that duration has, not lift.
The old fashioned Mopar Performance camshafts always seemed long on duration and short on lift, I assumed it was because they figured that their stuff was intended to be used in Mopar engines utilizing the stock rocker arms and that once you get much past .500 lift, the rocker arms are at the limits in terms of contact patterns on the valve stems.
Hughes Engines looked at it the opposite way. Their cams are often long on lift compared to the duration numbers.
What are your thoughts?

[armor64]

I feel that high lift works if you have enough flow to feed it? high lift lets more air move into the vacuum of the cylinder, as the valve "gets out of the way" more, but if the intake and carb are a bottleneck, i think the lift wouldn't matter for some stock or low-flow parts? and at high RPM, the gap is larger to let more air go past the seal faster, likening it to "the door closes so much faster, so to fill a room, it needs a wider entrance to get people through".

[b5blue]

  Hopefully by March/April I'll have real world results to compare for what you propose. I've been freshening up my 69 440 and installed a new Hughes cam to replace my old MP "resto" cam.
  The stock 74 vintage 440 has quite a bit of power running my Sidewinder aluminum heads. (With the CH4B and a Proform 750 on top.)