i'm from sea level, and i have spent several years now training at altitude for extended periods - i.e. 4 months at altitude, 1 month at sea level. altitude slows your longer workouts, and it is generally a bad idea to race high unless you've lived high for a while. a lot of people i know qualify to nationals with altitude adjustments even though they've lived high their entire life. these people RARELY run their altitude equivalents at sea level. but, sea level people racing high often run faster than their altitude equivalents when returning to sea level. just something i've noticed.
if you raced at 7000+ feet on a track, you're looking at about:
9-10 seconds difference for a mile
50 seconds difference for a 5k
2 minutes difference for a 10k
as it has been said before, the effect is cumulative - the longer you race the more it slows you.
i have no idea how much hills would slow you. everyone i knew used the 10% rule as stated before.
after years of training at high elevation i've come to believe that altitude training is over-hyped. to be honest, training at altitude will make a very small difference. but, moving to altitude may be the commitment you need to make your lifestyle more running orientated (better diet, more mileage, etc.). i know that this thread isn't necessarily about this, but i would like to state that you shouldn't just move to altitude and expect to get fast. rather, you'll be better off just training harder and smarter where you are. if you need a little extra advantage, like a second in the 1500, then altitude training is worth a go. i think it is over-rated though.