1. Try it. 2. Ask someone who has tried it. 3. Read an article written by someone who has tried it.
In todays market the average price tends to go up exponentially as the average quality goes up linearly.
Cheaper brands may have lack of consistency. Two sets of cables with the same catalog number may have different performance, say, because two weeks later at the factory they substituted a different kind of wire (also obtained at cut rate prices).
I've seen $200 component cables and $10 Component Cables.. Can you tell a difference? I sure can't unless the cheap cable is defective or becomes defective. The only consideration would be gold plating on the Ends to ensure no oxidation over time. You don't have to go overboard and get the most expensive cables $200 cables to hook up a $59 progressive scan DVD player... hmmm I think not... If you are a video/audiophile.. then you will probably have a $2000 DVD Player and $200 cables. Good rule of thumb your Cables should be about 10% of the cost of your components.
Walt - Price is a huge variable, and it also depends on how you are going to use the cable.
A component cable for a 19" bedroom system pushing standard video - it should work fine.
A component cable for a HDTV system or a 80" front projector - the cable is likely NOT designed for the higher-frequency signals and the extra magnification will make it easier to spot artifacts caused by an inferior cable.
2 Huge variables which make your question un-answerable without more information.
The cable is made by Philips, so it appears. The cable itself, if it is the Philips, is thick, but the terminations are not gold coated. I don't think that corrosion is a very serious issue in most environments.
A main concern may be length. At short lengths, even very cheap cables will do. The more expensive cables are hand soldered all the way around at the ends. Not just a dab connected by a machine. At about 3 meters information can start breaking up. It's just a coax cable really. The better it's made, the longer before info is lost. I've used 6ft audio cables in a pinch and had no problems at all. I bet that wont work when 1080P programs are broadcast.