Lift: how much the valve is open.
Duration: how long the valve is open
A bigger lift with the same duration will open and close the valve faster which is harder on the valve train and cam lobe. It requires a greater spring pressure than a cam of equal duration and lesser lift.
Think about the valve like a door at the end of a hall way. If the intake port (hall way) can only accommodate a single file line and the door man opens and shuts the door all the way really fast maybe only one person can sprint through each time the door opens. But if one person only needs the door open half way to pass and the door man only opens the door half way but in the same amount of time as he swung it open all the way, maybe two or more people can walk through each time the door opens.
Additional lift only helps if the port behind the valve can support the additional flow. Generally speaking two cams with the same lift but differing durations, the longer duration will make more power. With the same duration and differing lift, the one with more lift will be peakier and work at higher RPM range.
It's a balancing act to get as much flow into the cylinder in the given amount of time. This is why roller cams make more power than an equivalent lift flat tappet cam. The roller can accommodate much faster opening and closing ramps so it can have more duration. Given the same duration, the roller will have the valve open longer because the ramps are faster.
Look at far left row, stock 318 head basically flows the same .400-.700, even at .350 ain't too far off.
That right there tells you that at .400 the port is flowing all it will flow. No point lifting past that (except to keep the nose of the lobe from being flat). Ramp the valve to .400 as quickly as practical, leave it open as long as possible, and close it as quickly as practical.
Pretend that these two lobes both flow the same volume of air for a given duration. Pretend the one on the left opens to .700 and the one on the right opens to .400. The one on the right is going to be much easier on the valve train than the one on the right, its going to require less spring pressure, and it's going to require less attention to clearances. Piston to valve clearance, coil bind, valve stem and seal height, etc.