<< Could be a dumb question, but what's the advantage of round cables (besides that they save some space and look really cool)? >>
Unfortunately none. The argument that they allow more air thru to cool your CPU so that you can clock it higher is self defeating. By rounding an 80 pin ATA-66 cable, you lose the redundant ground between your data lines. Here is the electrical characteristic in question:
X (Electrical Impedence) - Can be thought of as "AC Resistance" for simplicity of explanation (but please don't say "AC Resistance", say "Impedence")
f (frequency)
C (Capacitance) - The electrical characteristic of 2 parallel conductors with an insulator between them.
The formula:
X = 1 / (2*pi*f*C)
As you can see, as the frequency goes up, the impedence goes down. The reason that ATA-66 and above cables have 80 pins/leads is that the impedence between each lead dropped to the point where cross talk between the data lines started to be a problem. By adding a redundant ground between each data line in the ribbon cable, the cross talk is grounded, instead of interferring with an adjacent data line. When you round a cable, the benefit of the redundant ground is lost due to the probability that two or more data lines will be adjacent.
Stay with your flat ribbon cables for the time being and wait for Serial-ATA comes out later this year.