Most cam companies grind in 5* of advance when they grind the cam to compensate for chain stretch. Subtract intake lobe centerline from lobe separation angle to determine the amount of ground-in advance. As the chain stretches, the cam will be more and more retarded. The bottom end will lose a little snap, but the top will pick up a little and power will be broader through the range, a little less peaky at the midrange.

I went back and found this post from an earlier thread...

Advancing or retarding the cam moves the engine's torque band around the rpm scale by moving the valve events further ahead of or further behind the movement of the piston.

Advancing the cam clockwise in relation to the crankshaft improves low-end power and response.
Begins and ends all valve opening and closing events sooner in relation to piston position.
The engine builds torque quickly, then lays down on the top end. Makes the motor "peaky".
Decreases piston to intake valve clearance.
Increases piston to exhaust valve clearance.

Retarding the cam counter-clockwise in relation to the crankshaft improves high-end power, but probably not as much as you lose on the bottom.
Delays all valve opening and closing events in relation to piston position.
Increases piston to intake valve clearance.
Decreases piston to exhaust valve clearance.