Actually, the people on here are both correct and incorrect. HDMI, like USB, comes in different versions. Unlike with USB, HDMI doesn't clearly denote which version is being used.
The new Monster cable that the guy sold you IS better than the standard cable supplied by Microsoft. It's better because it utilizes a newer version of the HDMI spec. However, you were indeed ripped off because even if your TV uses the newer spec for HDMI, the 360 doesn't. You won't be able to get a better picture from the 360 using any cable other than the one it shipped with.
That's not to say you need to use the one you got with your system, only that no other cable will provide a better picture. I myself use a Monster cable, not for the better picture, but for the fact that I don't have to worry about my cat trying to chew through it (I'll say this, Monster makes one tough cable).
If you were to use your 360 cable on a PS3, you'd notice a degredation in picture quality because the PS3 uses a later revision of the HDMI spec. The PS3 isn't necessarily capable of producing a better picture than a 360 on any given game, but the version of HDMI it uses does make for a better, more efficient, way to send that picture to your TV.
Another strange thing I noticed: The version of HDMI that the 360 uses, doesn't allow for transmission of Dolby Digital Surround. When the manual states to use the toslink cable, in addition to the HDMI cable, for external surround systems, it really means that you need the toslink cable to get surround sound in any way from your 360. I don't know if this is still true, but it is verified on my Elite (purchased about 3 weeks after they were released).
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