HDMI 1.4 Gaming Application

Ok, so I'm piecing together the last of my PC parts and was wondering about a cable I received over the holidays. After looking up the model number on Newegg:


I discovered that it was HDMI 1.4. I have always heard that you shouldn't use HDMI for gaming, but haven't understood why. if anyone could explain why this wouldn't be optimal for gaming over display port for example, or if there aren't any major issues, that would be great. 

if you could wait awhile id lookout for hdmi 2.0 hardware

heres some incentive for waiting: http://tinyurl.com/kuyaecf

or go for DisplayPort 1.3 with its high fresh rates