ya cable is just a hacked VGA cable, you can also salvage one from a dead monitor.
the card is where the magic is it's programed for to put out a refresh freqs the monitor can understand, where as using soft 15hz tells the card to output that same freq but only after it's been loaded into windows.
IE: the card when it's activated puts out VGA but then is told to put out CGA.
where as the arcadeVGA puts out CGA from the get go.
so for example using soft 15hz you can't see anything before windows loads.
the arcadeVGA you can see everything including the bios when you first turn the computer on.
the difference is basicly cost.. if you have a card that works with soft 15hz then no need to buy a special card for 80 or 90 bucks or what ever it sells for.
ideally this will also mean that later on when you need to upgrade you're not bound to the arcade vga..
for example say you buy a arcadeVGA AGP verson for a modest starter system.. well agp is dead, so a year from now you upgrade to a system with PCI-E (pci express), you have no AGP slot you're then forced to buy another arcadevga.
with soft 15hz you have a larger selection of cards to choose from.
this is less of a concern if you are starting out with PCI-E because chances are it will be supported by card makers for many years to come.
however there is also the consideration of what you want to play on the arcade cabinet.
mame does'nt need much muscle in the video department. it makes very little use of your video subsystem.. the aradevga (correct me if im wrong) uses ATI radeon 7000.. this is fine for mame as it's more then enough.
but lets say you wanna play something that requires a little 3D muscle.. or maybe a PC game.
suddenly that more then enough 7000 because pair of cement shoes.. it's weak for modern 3d games..
with 15hz you can choose something more current which will work with the arcade monitor and still provide good 3d performance.. for 80 or 90 bucks you can get a decent main stream video card.
if you just want plug and play, are gonna use PCI-E, and dont care about anything other then mame, thent eh arcade VGA is a good way to go.
if you want flexibility in upgrades and extra muscle for 3d games, then soft 15hz and a decent main stream card are probably the best (and possibly only) way to go.