There is only one engine that I have had where I did three cams with no other changes and it seems hard to even tell the difference between the different performance cams let alone a degree here or there.
It seems a few degrees one way or the other is moving the power band - it does not appear to have an effect on max power, just moves it a small amount one way or the other.
The cam manufacturers say it is not necessary to degree the camshaft. The tool makers that pay the guys on Hot Rod TV say it is important, and subsequently the guys on TV say it must be done but you never hear for what reason, why, and what happens if it is off + or - X degrees - Oh yeah, it sure looks cool on the engine stand.
How does Advancing or Retarding the camshaft's position in the engine affect performance?
Advancing the cam will shift the basic RPM range downward. Four degrees of advance (from the original position) will cause the power range to start approximately 200 RPM sooner. Retarding it this same amount will move the power upward approximately 200 RPM. This can be helpful for tuning the power range to match your situation. If the correct cam has been selected for a particular application, installing it in the normal "straight up" position (per the opening and closing events at .050" lifter rise on the spec card) is the best starting point.
http://www.cranecams.com/?show=camQuestions
AN EXAMPLE USING AN RPM 300 CAM
Advanced Cam Position: If your intake happens to come out with .100 gap, and the exhaust with say .080 gap, your cam is in an advanced position. In this position, the came will produce more low-speed power or torque. However, there might be a slight loss of power at high RPM.
Retarded Cam Position: If, on the other hand, the intake came out with .080 gap, and the exhaust at .100, your cam is in a retarded position. In this position, there will be some loss in low-speed torque and power, and probably some subsequent gain in high-speed power.
Split Overlap: If the intake and exhaust gap read out exactly even, or within .005 of each other, you have a split overlap. Generally speaking, all racing cams run best in the split overlap position. While there are exceptions to this rule, it is usually best for overall performance.
http://www.iskycams.com/techinfo_index.html