Yo.
Right, I spent the best part of last year installing HDMI-based systems, one of the jobs is a large residence with two cinema rooms. Cable distances are no more than 10m but not far off it. We had a BD player, Sky HD, PS3 and a media centre box with HDMI out.
A bit like an MOT which certifies your car to be road worth to a minimum standard, the same applies to making a HDMI cable, so tolerances, twist and consistency within the build of the cable and the connector *are* important factors to take into account. So, a cheapy cable will work for you with an 'off the shelf' tv and BD player…. to a point. 720 will look alright and i'm quite sure you'll be pretty pleased with it at 1080p/i. However, the moment you introduce more than one source involved in that same signal cable, you can occasionally get synch issues with the information (HDMI was invented to reduce piracy, so the BD and the TV 'talk' to each other to confirm all is) … so your tv doesn't always display quickly, if you have to run near other cables you can occasionally see what appears to be sparkles on the screen – this is interference. There are a whole wealth of other issues such as green/pink screens.
I appreciate this won't happen to everyone, but not everyone has a 50" Panasonic true 1080p screen, a host of HDMI-source equipment and a projector bolted to the ceiling.
1080 is the current standard, but we'll soon be moving to 1200 and greater. So if that cable you have plastered in the wall/across the room/in the ceiling needs replacing, the cost of doing that tends to be greater than the right cable first time round.
Monster charge a shed-load of money, and having been to their training courses and took along my own-sourced cables to have in effect a sweep test, its easy to see the signal degradation above 1080p.
So, buy low-cost cables by all means, but, don't expect huge results with increasing resolution – which is just grand for most of you. just don't dismiss it as snake oil.
hope this helps,
jt