Here is the deal:
1.) The IDE controller on the Xbox motherboard is ATA33 (this is what was used in PC's back in like 1997). The reason it is so slow is very simple: The hard drive is for soundtracks, gamesaves, and downloaded content. There is no need to be fast, as even at ATA33 it is still faster than reading from DVD

This means that the motherboard is a bottleneck. It doesn't make a bit of difference in terms of cabling as to the speed.
If you connect an ATA133 hard drive, with a ATA133 compliant cable, the IDE controller will still negotiate as ATA33 (ATA66/ATA100/ATA133 devices are backwards compatible to ATA33).
This is just the way it is. No one can dispute that.
2.) Several people have replaced the cable and used a stopwatch to compare loading times. Some of these people claim an improvement. This is the basis for their argument: "I timed it, it was faster".
I don't buy into that though. The times they post are very close, and imho, if you WANT it to be faster, you will make it faster, subconsciously...
If someone wrote an application, that tested to milliseconds, I would buy into it a little more. (since the application would not be biased).
3.) There is (1) scenario where the theory is proven true: If your existing IDE cable is damaged in anyway, resulting in data loss, and you replace it with ANY new cable, then yeah, it might work better