CL is halfway between intake open and intake close. It can be adjusted by advancing or retarding the cam. Lobe separation is number of degrees between intake and exhaust CL, and is ground into the cam and cannot be adjusted w/o regrinding the cam. Most cam websites have a diagram that explains it all.
The lift at .050" lift is the number to pay attention to when comparing cams. I once installed a cam with an advertised duration of 290 degrees. Once I checked the cam card (after purchasing, unfortunately) I found it had a .050" lift of 230 degrees, or about what my current 268XE has at .050".