Most of the time, advertised lift is not lobe lift. It is valve lift with a standard rocker arm ratio (1.6ish) rocker arm. Usually lobe lift will be in the upper .200s or lower .300s. You then multiply lobe lift by rocker arm ratio to get valve lift. Duration is how long the valve is open. There is advertised duration, which I'm not sure exactly what that is, then duration at .050, which is how long it is open beyond .050 lift. It is only at max lift for a moment, most of the duration is either spent opening or closing.
If I am wrong on any of this, someone please correct me.