If you're looking for that kind of reply, then here's my take:
Cables are no different to any other component, which all follow this rule:
A carefully chosen component at a higher price point will always beat a component at a lower price point. There are no exceptions to this rule, but the key phrase is "carefully chosen". Because a randomly chosen component will give random results.
The reason why price alone is not enough to decide which cable is right for you is because the designer/manufacturer has many areas where they focus their attention: personal sound preference (house sound), aesthetics, build quality, marketing. markup (greed), after sales service, etc.
The personal preference of the designer is important, which leads to a house sound for their whole range. For example, Nordorst cables major on detail and transients, but some find this gives a thin, unforgiving sound. Cardas are the opposite end, being warm and forgiving, but some find this dull and slow. Makers with extreme house sounds tend to have extreme supporters and detractors.
One way of starting, is to zoom in on one or two makes that have a house sound that appear to match your preferences. Then choose two different price points within their range and see if you can tell the difference. Always on a trial basis so you don't lose any money if you decide to back out. If you have to struggle to hear any difference, then these (or maybe any) cables are not for you, then just back out and don't worry about it.
My comments on house sound are over simplifications. In practice, these things change with time as different models are introduced. Also, cables are fundamentally neutral compared so say headphones. So the tonal aspect I mentioned is just one aspect. The real benefit of getting a better cable, for me, is in getting more natural, life like images within a more spacious soundstage.
Many people don't hear this though, and who knows if you will or not? So try not to waste money if you can't hear any benefit.
Edit: I was thinking of interconnects and power cords when writing this. I haven't tried swapping headphone cables, so won't comment on those.
Edited by TheAttorney - 4/19/13 at 8:41am