yeah, i was on a construction job a while back and there were some AV guys doing an install. they had to do a long distance run, and used dual cat5 lines. they said it works great. you can get a converter box that will convert the cat5 to HDMI & vice/versa.
edit: i noticed you linked a box, it supports DTS-HD, but i wonder if it supports TrueHD as well.