Not quite. The testing that I've seen shows instances where there is a signal at the other end but that it is not the original signal. There's more than one source for that, but why not link to an AH article?
Here is one written by Clint last year. Check out the section on the first page entitled "Digital Is Digital, Right?"
There are a lot of cables that pass a perfect signal, especially at shorter lengths (three feet is quite short). Some degradation can occur over longer runs when trying to pass the higher bandwidth signals (high resolution, high color bit depth) on some cables.