There is a lot of BS in hifi, especially when people start talking about equipment racks or mains cable having a big effect.
There are however real measurable benefits of using a good cable over 50p/meter bell wire. All speaker cable including £5000/m cable will degrade the signal, however better quality cables will have lower resistance, inductance and capacitance and therefore less degradation.
The electrical properties of a cable will be determined by many factors including the conductor thickness, conductor material, cross sectional profile, conductor separation and even the plastic insulator etc. It is also important to remember that at higher frequencies the current will travel around the outside of the conductor (skin effect) while lower frequencies will have a more uniform distribution through the conductor. This would explain why the QED silver anniversary XT has a leaner sound - the "hollow" conductor profile means the resistance to higher frequencies is relatively less than for lower frequencies when compared to solid cables.
Because the resistance of a cable varies with frequency, the term impedance is generally used instead of resistance when talking about performace of a conductor in relation to an AC signal. Impedance is effectively the resistance of the cable at a certain frequency and will be determined by the capacitance, inductance and DC resistance of the cable. It is possible to measure the impedance of a cable over the audio frequency range and therefore make a scientific comparison.
Of course this is not the whole story, the capacitance and inductance of the cable could also have an effect on the output stage of the amplifier and may cause unwanted oscillations.
In summary it is probably worth getting a reasonable cable over the real cheap and nasty stuff, but I certainly don't think spending big money will make any difference.