Here is a short explanation of some of the terms,and what they mean.
Duration
This is the amount of time,in crankshaft degrees that the valve is open. Most often, duration is expressed as an 'advertised' number,which, for the purposes of comparing one cam to another, is almost completely useless.
Duration at .050"
This is a known constant way of measuring duration. Unfortunately, too many manufacturers, or retailers don't use it. The valve event is measured from .050" lift, on the opening ramp, to .050" lift on the closing ramp of the cam lobe. If all cams are measured in this way, then you can directly compare one to another.
Lift
Pretty simple. The amount that the valve is open, either in inches, or mm.
Lobe separation
The distance between the intake, and exhaust centerline in cam degrees.

What does a performance cam do for me?
Duration.
Generally speaking, the duration will determine the useful RPM range of your engine. As duration is increased, the power band moves up in the RPM range.
What you gain on one end, you will lose on the other.Lift
Increasing the lift will almost always result in increased torque, and horsepower. It has been said that lift = torque, and horsepower.
Lobe separation.
Decreasing the lobe separation(moving the lobes closer to each other) will benefit low,and lower midrange torque and horsepower, but create a rougher idle, and peakier torque curve. Increasing the lobe centerline will reduce overlap, broaden the torque curve, provide a smoother idle, and better top end power.
Some things to consider.
Because of the large valve area (and excellent cylinder head design in the case of the GT DOHC), the 4 valve/cylinder motors are much more duration sensitive than the 2 valve/cylinder motors.In other words,the same cam will net very different results on the two motors. The 4 valve motors produce more power with much less duration, and overlap, but will also start to lose low RPM power in a real hurry as duration at .050" increases beyond ~210 degrees (on the GT DOHC).
A little FYI on the grind/regrind process.
Many people think you just take a little off the bottom (base circle), to get more lift, or you can tell the grinder what numbers you want, and he will custom grind it.
This is how it really works.
The cam grinding machine is a kind of copy machine.
If you have ever seen a copy lathe in a wood shop, for making spindles, its very similar.
When you grind a cam, you need to use a master template. This template has the lobe shape, which determines the lift, and duration.
During grinding, the entire lobe is ground, and the new shape takes on the charachteristics of master template.
How do you increase lift?
Take more off the bottom than you do off the top.
The lift is determined by the total lobe lobe height, minus the base circle diameter.
Its an exageration, but if you leave the tip of the lobe, but take material off the bottom, and sides(reduce the base circle diameter), then the lift is increased, as is , obviously the duration.
The lifter rests in a different place, but will open further.
How cam the lifter just re-adjust?
Hydraulic preload.
The GTi has substantial lifter preload, and there is alot of room for base circle reduction, and increased lift, or in other words, a completely reworked lobe shape.
If you still cannot grasp the concept, picture the lobe to be a rectangle, taller than it is wide.
Place a triangle inside the rectangle.
This is how the lobe will be re-profiled.
Grab a vernier caliper and measure the width of the lobe (to reflect the base circle diameter-this will be the smallest lobe number).
For the GT, it will be about 33mm
Now measure the total height.
This should be about 40.5mm
Subtract the 33 from the 40.5.
This is your lift.
Imagine taking material off the sides and bottom only.
The number one myth about reground cams is that they will wear, because, or if, they are not properly hardened after grinding.
The cams are cast iron, and require NO hardening after grinding.
The only post grinding process is something called parkerizing, which gives them that flat black.grey look. It is a type of surface treatment that etches the metal, and enhances lubricity (oil sticks to it better) during startup.