There are 2 ways to reprofile a stock grind cam.
Regrinding cuts a new profile directly, so the original cam lobe is the outer limit for the regrind; to get any more lift the base circle must get smaller (base circle is the lowest point on the cam lobe, where the lifter sits when the valve is closed). Doing this changes the geometry of the lifter system slightly, and the tappet screw may sit well off centre of the valve stem. Depending on valve wear, stem refacing, and seat regrinding the rocker may even interfere with the head casting or valvesprings and need a bit of rework to operate correctly. Generally it works fine for mild cams but "race" hi-lift cams can be troublesome.
"Hardwelding" adds metal to the cam lobes which are then reground to a new profile. There is no particular limit to the base circle or maximum lift achievable. During the welding and hardening processes the camshaft will be distorted (bent) and must be straightened in a press, but this is not particularly difficult - even regrinds need to be straightened after final heat treating. If the designer does a decent job the resulting rocker geometry will centre the tappet on the valvestem during high acceleration opening when the stress is highest.
The "best" approach is to cast a new cam, then grind and harden it. Also the most expensive - you can't call Honda and get a raw cam casting unless you happen to be HRC.