v1.4 cables (if we can call them that) have the following ability over v1.3 cables:
> Ethernet channel
> Audio return channel (ARC)
> 4K × 2K resolution support (4 times 1080p)
> Dual stream 1080p 3D
Other than the above there is no difference between v1.3 and v1.4 cables and your picture and audio quality will be identical.
Spend enough to get a cable that's not going to have crappy contacts (I've had those cheap ones for £1 too, a couple are still working but most failed on me due to poor build quality_)
I ended up spending about £8 on some nice braided v1.4 cables that are still going strong.