The data stream on an HDMI cable is real-time, so is not considered to be 'reliable' delivery.
As a result, error correction (as opposed to error detection and retransmission as would be the case with a typical USB communication) takes place. Error correction does not always mean a complete rebuilding of the exact stream -- it could mean replacing small parts with approximations, for example.
It is therefore theoretically possible that a signal traversing an HDMI cable could be partially lost, to the point where a corrected signal is deliverable without the complete stream being present. Under these conditions sound/video quality degradation could take place.
In practice, though, and especially across short lengths, this is highly unlikely to be a problem in the real world.
Wherever you get such a theoretical chance of degradation though, the snake-oil merchants will take advantage.
As long as the cable is up to spec, it's probably fine -- and in a marginal situation a £90 cable is just as likely to be on the edge as a 99p one.
I have had situations where, for example, an old HDMI cable will work in 1080i but is intermittent with a 1080p signal (due to losses in the cable). Sometimes it worked, sometimes there were dropouts, and when the picture was being displayed, there was occasional degradation (weird artefacts, "sparklies" etc).