from wiki...
Duration
Duration is the number of crankshaft degrees of engine rotation during which the valve is off the seat. As a generality, greater duration results in more horsepower. The RPM at which peak horsepower occurs is typically increased as duration increases at the expense of lower rpm efficiency (torque).[citation needed]
Duration can often be confusing because manufacturers may select any lift point to advertise a camshaft's duration and sometimes will manipulate these numbers. The power and idle characteristics of a camshaft rated at .006" will be much different than one rated the same at .002".
Many performance engine builders gauge a race profile's aggressiveness by looking at the duration at .020", .050" and .200". The .020" number determines how responsive the motor will be and how much low end torque the motor will make. The .050" number is used to estimate where peak power will occur, and the .200" number gives an estimate of the power potential.
A secondary effect of increase duration is increasing overlap, which is the number of crankshaft degrees during which both intake and exhaust valves are off their seats. It is overlap which most affects idle quality, inasmuch as the "blow-through" of the intake charge which occurs during overlap reduces engine efficiency, and is greatest during low RPM operation. In reality, increasing a camshaft's duration typically increases the overlap event, unless one spreads lobe centers between intake and exhaust valve lobe profiles.
good graph here...
http://www.compcams.com/Pages/416/valve-timing-tutorial.aspx