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I seriously have a friend that only buys (I forget the brand) cables that are over $150 each. I think it is silly. If all of the wires in the whole signal chain are up to the same specs I would say it make sense. From the pickup wires, pots, jack, cable, pedals (if applicable), jack, to all internal wiring related to sound in the amp, to di, to speakers. It seems you're only as good as your weakest link in the signal chain. Is the wire in a cheap instrument cable really that much worse than everything else in the chain?
I'm open for an electrician or electrical engineer to correct me though. I also don't buy that just because there is a slight change in tone that it is because the cable enhanced anything. The signal path is simply different. Like removing an unused pedal versus bypassing.
I do a lot of repair and think like your Dad but in one instance I do differently. Most cables with a rubbery looking end have metal underneath, but the rubber takes strain off the actual solder joints. So I only buy cables that have [preferably] molded or shrinkfit rubber over the ends. They get a short - I throw them away or use to bundle branches or or such trash that is going to the curb. Guitar cables live a hard life compared to other types of cables and the screw-apart ends generally don't' have any real strain relief so I don't risk them for playing out or in. Just me.I wouldn't have bought the Monster Cable even if it was cheap because I always had a prejudice against cables with the molded plastic ends that didn't have the screw apart metal ends, my dad always taught me that if you are buying somthing and they make a part that's metal and a part that's plastic you buy the metal one. And because the metal ones you can take apart, cut the short out and resolder if you have too.
With good reason. "Monster" bass cables (besides being WAY over-priced) affect frequency response and have slightly over-sized 1/4" connectors that over-stress input jacks. Store markup last I knew was between 800 and 1200% depending on the cable.

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I've seen a couple cats leave their axes behind;
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bongomania did a nice comparison/review a while back. data is not current, but the concepts are still relevant. It's a good read.
http://www.ovnilab.com/articles/cablechoice.shtml