Just quick terms i guess
Lift, amount of ramp over base circle on the cam. Usually the advertised figure is multiplied by the rocker arm ratio (factory 1.5). This figure can be calculated out if you decide to run aftermarket rocker arm ratios. More air you can get in and out, the more potential for power. However piston-to-valve clearance must be taken into consideration. Often the exhaust valve lift is more to reduce the 'pumping' action of the engine and to rid the cylinder of as much exhaust as possible so it doesnt dillute the incoming air/fuel charge.
Duration, the amount of crankshaft degrees of rotation the valve is open - Overlap is calculated using IVO (intake valve opening) and EVC (exhaust valve closing) numbers and added. Generally the higher the overlap, the higher the 'powerband'. Does depend on intended use, Nitrous, Turbo, N/A, etc.
Centerline - The cam is rotated to that lobe's maximum lift, it is then turned .050" clock and counter-clockwise. Addition of the two numbers of crank rotation divided by two is your lobe centerline. Intake centerline is usually the figure needed in order to 'degree' your cam. And it must be found while installed in the block using a degree wheel, that figure will compare to the cam card's centerline in order to figure if the cam is straight-up, retarded or advanced. Adjustments can be made to what you are looking to gain. Retarding the cam can 'generally' increase hp, while hurting low end torque, vise-versa for advancing the cam.
Lobe Separation - Addition of intake and exhaust centerline figures, divided by two. Not the most useful figure in the mix..
Hope it helps some, cam degreeing isn't difficult if it is explained right. Make sure you do so when you decide you install your cam to get the most out of your new bumpstick
