I read this thread with interest. One must consider that one ought to consider the issue of cable matching as well. By way of example, an old Naim using DNM precision cables will outperform the Naim using an expensive Goertz cable - why - it's the fact that old Naims can't even be used with high capacitance cables. In terms of food analogy truffle oil on a mushroom risotto will go, whereas however much truffle one uses, it is not going to make a sweet strawberry souffle taste delicious - regardless of how much it costs. One of my best improvements was from a TCI tonearm cable to a Nordost Tyr - it was astonishing the difference that it made. Application is just, if not, more important than the amount you spend, but if one gets the right type of cable and goes up a range the sad truth (in terms of spending money) is that there usually are genuine improvements (subject to the law of diminishing returns)
why do people feel the need to buy expensive cable
I have tried expensive cables and one's moderately priced. I would say there were some differences but I can't actually say the expensive cables were better. IMHO I believe a lot of people buy expensive cables because they don't actual trust their ears and are afraid of making a mistake. They figure the expensive cables are better for the fact they cost more. If you have a difference of opinion or share the same thoughts, I would like to hear about it.