For analog I have never heard any difference in the audio sound for interconnect lengths less than 3m (which is all I've experienced in a controlled setting). It is conceivable that there are circumstances where 60Hz or RF pickup is a problem and you get a "lucky break" by using the shorter 0.5m length. (I use single-ended.)
I have used 0.5m lengths in the past but changed them all out for 1m...The 0.5m lengths are just too inflexible when it comes to positioning even adjacent components. Also, this short length puts more pressure on the connectors and can transfer vibrations (although I can't say I have actually noticed problems from this).
One advantage of 0.5m is that they are cheap second hand...But I think everyone responding on this thread knows why that is.
Elizabeth talks about length effecting digital signals. There is a long thread about this here:
http://forums.slimdevices.com/showthread.php?t=31733Basically, the issue raised in that link with digital (where the (fourier) frequencies are much higher than audio) is that reflections can add to the main signal just at the time the dac is deciding to accept the next digit. This leads to jitter which is a bane for digital music. The article says that the exact optimal length for digital interconnects is very system dependent on just how a particular dac accepts the incoming waveform.