The only difference I can hear between the two with my (subjective) ears is an increase in volume. Admittedly, this all depends on the equipment, materials and recording quality involved. Maybe the 'cheap' cables I tested were of the type to which you referred. Who knows? Audio truly is subjective. I just go with what sounds good to me. A good (expensive) cable will not make a crummy source sound better. The corollary isn't true, though: a cheap cable will definitely have a negative impact on the sound.
In answer to your not getting why people would go for Effect Audio at outrageous (to me) prices is the allure of brand name smugness. I think you could show these types of people why a less-expensive but not as well known brand of cable is just as good measurement-wise, but their ears will be closed, so to speak. Some brands are worthy of such devotion, their less-expensive gear benefits from the technology developed for the pricey stuff, but I think EA is trying to dump these inferior cables assuming people will snap them up due to name recognition. Its a shame Drop allows them to do it. That's free enterprise, but we should just try to remember caveat emptor.