I once decided to purchase Sterophile recommended (and very inexpensive) Radio Shack's solid core hookup wire cable to make my own speaker cables. And I was doing this mostly to compare them with some speaker cables (West Penn Wire #226 Type CL3R, also not very expensive), that I got when purchasing my speakers.
I was very familiar with the sound of my system using the Wess Penns. Built the other one using some kind of vari-strand topology (4 braids). Couldn't tell a bit of a difference after weeks using them, and then coming back to the others. My system is just entry level quality though, but relatively very good sounding compared to many good setups I've heard. I used my Stereophile Test CD 2 to scan all the frequencies with both cables and measure any diff. using an SPL meter (Radio Shask analog). Interestingly, there was a difference. In the last octave, from 10KHz to 20KHz, the Wess Penss were about half a Db louder than my custom made cables. This Radio Shack SPL meter's accuracy in the high freqs. is questionable, but it was consistently slightly louder (in that last octave) using the Wess Penns instead of the Radio Shacks. That actually goes a bit in favor of the Radio Shack, since my system has a sound on the bright side of things.
That only with respect to volume. Whether there were phase differences, or differences in the ways separated frequencies get "smeared" (a big issue according to cable manufacturers), I don't have any ways to measure that. In any case, even that .5 dB measurable volume difference performed through my speakers, to my ears was unnoticeable. No difference in soundstage, imaging, clarity, etc. when playing many sorts of music.
In a recent South FL meet I compared stock vs. Cardas upgrade cables for the HD600's, did the comparison using HR-2 and Headroom Max amplifiers. People around were speaking, and I did this comparison in about 5 minutes, so not very representative set of conditions for critical comparisons using open headphones. I couldn't hear a bit of a difference when switching cables. When switchin amplifiers I could tell, and incidentally, I preferred the sound of the HR2 slightly better (hard to exactly explain why though). But switching cables did nothing for me under the conditions and the given the brief exposure. However, other headfiers there allegedly did hear a difference when swapping the cables.