No offense but the explanation by vtech would be completely inaccurate.
VTEC already affect both cams, i-VTEC just gives them an additional feature.
VTEC operates by switching the cam profile to a completely different profile.
I-VTEC operates on the same profile (chosen by VTEC), but allows the cam phases to advance or retard via an actuator. Picture an automated, variable adjustable cam pulley. Such a feature allows the engine to have variable valve overlaps, but work on a constant lift duration as long as the cam profiles doesnt switch.
Given that VTEC may operate on 3 different cam profiles, the effects of cam phasing (i-VTEC) on VTEC is relatively minimal, as the primary VTEC profile may already adjust valve phases to suit its rpm application. A normal engine however would greatly benefit from having cam phasing, such as Toyota's VVTi.
I would think that i-VTEC is designed mainly to improve smoothness, linear power delivery and engine efficiency, not to create more raw top end power (as this depends primarily on on the cam profile). It is a remarkable improvement nonetheless.
And for an additional note: The camphases generally shift from advanced @ low rpms -> retarded @ mid rpms -> advanced @ high rpms.
edit: well, im basically saying the same thing as blinx but I hope it helps to improve the picture.