why do people feel the need to buy expensive cable

A different perspective is we each have different ear/brain hearing systems, and each of us want different things in the reproduced music to be perfect. And allow other things to be less than perfect.
Then  the equipment we each have is different, with an amazing jumble of different manufacture parts (and those manufactures each have their own 'voicing' of what they want the equipment to sound like)
So there is no 'right' IC or powercord which Universally will make folks happy. Since those items are being added to a Rub Goldberg pile of stuff.
So when I read about the guy who replaced his big buck pile of IC with some cheap 'magic' wonders of the age.. All I think is he found what fits HIM and HIS system to make it what he likes best.
And not the intended claim that expensive wires are a rip off.

If two products have like quality, durability, appearance and performance but one is more expensive than the other why is the cheaper one not the better value? This does not seem difficult to understand. 

What other parameters would one use to assess a products value compared to others? Again if as dynaquest4 stated they are of like quality, durability, appearance and performance.

@jmcmgrogan...thanks for the laughs!

If two products have like quality, durability, appearance and performance but one is more expensive than the other why is the cheaper one not the better value? This does not seem difficult to understand.

Because quality, durability, appearance and performance is SUBJECTIVE. 

If YOU found two products have like quality, durability, appearance and performance but one is more expensive than the other, then the cheaper one is  better value.

This does not seem difficult to understand.

If I audition two components in my system and like the sound of both equally, I like how they look, both have a reputation for being of high quality and durability. But component A is $300 more than Component B. Which one represents the better value? For what reason(other than potential re-sale value further down the road if I decide to sell) would I choose to spend the extra $300?

Thats basic money management 101. We all do it in our normal lives whether it’s shopping for automobiles, groceries, audio, whatever. 

chrshanl37:  I suspect part of my apparent inability to gain acceptance from some to my very simplistic (but logical and correct) price/quality/value relationship is that these guys know me from other forum threads and will (likely) disagree strongly with me regardless of what I present or opine.

Or it might be that if they accept there is a value relationship between quality and price, they might, then, have to accept that they have made some pretty questionable choices in audio accessories.