I went to a site called Performancetrends.com. They have a program for computing engine performance you can down load for free. Anyway, they said a 1 point increase in compression ration gives a 4% increase in power. So for a 400 horse engine, thats 16 hp, and for a 600 horse engine thats 24 hp.
A person can get the same increase in power just by going to cold air induction (ram air box). I put one on my Cuda, and it is supposed to give 1% increase in power for every 10 degree drop in inlet air to the carb. So, I ram cold air from the front of the car, and say its 50 degrees colder outside than under the hood, that gives a 5 % power increase, and on a 600 horse car, that's 30 hp. I also get a mini supercharger affect from the design I have, as the air pressure to the carb is increased.
I agree that increasing CR can help, but it will effect so many other things, and if your engine isn't matched to the CR, like in the cam department, you may do more harm than good. Even though you bump CR 1 point, if you don't have adequate cam duration, your peak cylinder pressure may go way up, and cause detonation, which is a major power robber. Milling the head can also mess up valve train geomitry, etc. so, increasing CR is good, provided everything else in the engine is designed accordingly.