"You want to keep any given cable as short as possible. The idea is to keep resisitance low. Two ways to keep resistance low: use a shorter wire or use a thicker wire. As long as the resistance is low, 20' is no worse than 5', and different lengths don't make a bit of difference."
I agree with Scott that different lengths have no negative audible affects and that I keep mine as short as possible. I disagree about length making no difference if the resistance is low. ALL cable has a sonic character, and the longer it is, the more that character is audible.
Keep 'em short, mca.