So what am I looking at exactly

With the engine running take a Approx .005-.010 feeler gauge, and see if it will go between the rocker and valve stem. If it goes, and the engine changes how it sounds, it is probably a solid cam. If it goes and the engine changes how it sounds, but then smooths out again, it is probably a hydraulic cam, with misadjusted rockers. If it does not go, it is hydraulic cam