Recently I put a $20.00 CALRAD brand hdmi cable on a friends new Sony LCD with a $200 Sony DVD player and the picture looked almost identical to a good quality component cable. We tried 3 different cheap to fair to good audio cables and the Calrad HDMI was as good as any of them. I think the limiting factor in the above setup was the low cost DVD player and just using the stock TV as audio output. Anyway, my motto is try the cheap stuff first, it sometimes is satisfactory.
Let us know how it works out, thanks, Mike.