My standard line is that, unlike analog cables, it is possible for a DVI cable to be "perfect". None of the artifacts that William has seen in his tests should be considered acceptable. You should reject any cable that causes such problems, no matter how inexpensive, just as you would reject any digital audio cable causing occasional dropouts.
So yes, quality matters, but there is a "perfect" result and spending lots more money than necessary isn't going to improve upon it.
Now some people claim to see differences in DVI cables due to secondary effects like RFI transmission on the shielding, or ground loop effects, or whatever. I am skeptical, but if you're really concerned about such things and can afford it, a pure fiber optic cable should do the trick. They're more expensive but they have the side benefit of supporting longer lengths. William's quality caveats still apply.