There is controversy surrounding the older S-Video, DVI and the new HDMI standard for use between your display and source (set top box or satellite receiver) with respect to what is "best." Or better. DVI is HDMI minus the audio interconnects. S-Video is no longer acceptable. Yes, new cable technologies are coming on the market regularly. Some users, like myself, still prefer to use the older standard "component video," which too, has a controversy surrounding it.
I have seen and heard substantial differences in performance between video AND audio cables (as a former reviewer for a high end audio publication.) The rule is, one needs to spend more to get performance...but not always much more. A good component video cable will likely outperform -- in fine systems -- even a good HDMI, though the newer technologies I speak of that incorporate EMI and noise suppression have made significant leaps to close the gaps and possibly surpass component video.
There are good technical reasons why some interconnects perform better than others, however in the cable business the manufacturers provide "White Papers" to explain theirs that more resemble sorcery than science. Yet it IS science, not advertisement, that proves a cable's mettle.
Whether you choose HDMI or component video, do experiment WITH BOTH. Buy with return privileges and see for yourself. Also consider that unless your audio is held in the digital domain from source to your amplifiers, digital cables will not, and cannot sound as good as discrete audio cables specifically designed for the purpose.
And have no doubt about it, your sound (audio) is as, if not more important to your enjoyment of a film, or sport, as your video setup!
But first, do have your hi def set, whenever possible, calibrated by an ISF certified technician to get the correct black and white levels...and the correct grays. You cannot have accurate and natural color rendition if you do not have correct grays, blacks and whites. On the other hand, some later model hi def sets can be adjusted by the user to come close enough if the user uses common sense. Remember to reduce contrast and brightness first!
Finally, DO read the publications that are at the forefront of the science, The Perfect Vision and Home Theater Magazine.
Why some cables are more expensive
In addition to my answer above Derek, I'll add issues of psychology.
A man's credentials as a technician, reviewer, installer, or years in the industry do not matter. His REAL experience listening and viewing interconnects DO matter.
If the man is set in his views that either he always will hear or see differences or improvements between cables, than it is his psychology, and not reality, speaking. And if he tells you that there are no differences between audio and video interconnects, it is the same.
A Chevy will get you there. So will a Ferrari. If you can't afford a Ferrari you will, sometimes, actually believe that there is NO reason to spend $200,000 for a Ferrari, or that the improvements you see, feel, or believe regarding the quality of one over the other, does not warrant the higher price. In the case of a car, one can say we are talking values, not value. There is a huge distinction between one's values, and the objective value of the subject matter.
Objectively, as well as subjectively, many people have an huge investment in their belief systems. Objectively and subjectively, in the highest quality systems -- as in a high quality microscope -- one can hear and see dramatic differences between interconnects. But not always...just most of the time.
There are levels of qualitative improvements between cables that can be repeatedly demonstrated to anyone with an open mind.
If a man has never heard, let's say (and I'll choose one lesser known but a very competitive and successful brand) NORDOST video or audio cables, one can actually continue to believe that his Best Buy cables...even by a major well known manufacturer -- is good enough, or the best. For example, a Nordost component video interconnect, if I remember correctly, costs about $500. To many it is insanely priced.
So the way I see it....I mean "see" it....is that is is 10% of the price of your $5000 large screen TV. Or about 15% of your $3500 large screen TV. What if I told you that it can improve your picture quality 30%? Even after calibration!
You'd probably not believe me and believe the gents on this post who -- never having experienced it for themselves -- tell you to just go ahead and buy the $19 cables.
No I say. Order the high priced spread with return privileges...see for yourself...and improve your enjoyment of the hobby.
The fact is, meeting the specs is NOT enough. The impedance terminations of these cables are critical. Close enough is not enough.
The sad truth about quality is that it costs money. There are no free lunches, no free health care, no free drugs. Someone has to pay for all of those. There are consequences to be paid for short cuts to quality (your Ferrari will beat the pants off your Chevy and the girl sitting next to you just may be hotter than the one sitting next to the guy in the Chevy...) All steaks do not taste the same; all suits do not feel the same, nor fit the same; all amplifiers do not sound the same; all hi def TV displays do not have the same quality of video processing.
All cables do not have the same performance because in fact they do not have the same transmission capability...
...because we cannot measure all things. We, well, some of us, just believe that we can. And it is what you have not yet measured that makes the difference...especially if someone has measured and identified what makes the important differences. Ferrari has. But it costs money to give you the F-048's performance. Sorry, but reality does not care what we think...only what is.