For connecting your 360 to your TV any cheap HDMI cable will do. You can spend $5 or $150 and you will not notice any difference with your 360 and TV.
Sure Monster cables offer lots more features on their list - but they are only useful if the device outputting the signal supports those features. Some top of the range HDDVD or BluRay player might support those features, but a 360 just uses a cheaper version of it.
As gonzales1 said - the reason they can charge so much is becuase they play on how much you are spending on the TV, convince uninformed buyers that they need the expensive cable to get the most out of their new TV when in reality they get no improvement.
The standard set of cables the 360 comes with can connect in either composite mode (SD) or component (HD). You can also buy another cable - the 360 VGA cable which allows you to connect via a VGA port (look at the back of your PC monitor), which allows more resolutions on HDTVs
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