Camshafts: What effect does increased lift have on performance?

Look at all the guys bitching about even .550 lift. That’s who.
As I've said for many years, it depends on what you're doing. For instance, "I" am not going to use a .600 plus lift cam in a slant 6. Their rocker arms are made of folded over sheet metal and I will likely never be able to afford a "good" rocker for a slant.....and even if I could, I wouldn't, because my stuff is 100% street.