Not as straight forward as that, and here are some simple rules

1) if you are connecting your PS3/Blu-ray Player/Media player to your TV and the distance is less then 1 meter, cost effective cable should do the trick.

2) If you are connecting your PS3/Blu-ray Player/Media player projector and the distance is more then 3 meter... better quality cable might be called for

3) If you go all out to 3D TV and Projection, you need HDMI cable that can conforms to 10.2 GB transfer rate, then you need more costly cables as well.

My Two Sen...