Samsung 55' LED 1080p picture lag problems with PS3 HDMI

My father bought a Samsung Series 7 55' 3D 1080p LED TV a few months ago for the family room. With that in mind we also purchased a $250 monster HDMI cable so that their wasn't any signal or picture loss between the PS3 and the TV. Anyway when i play a PS3 game, the picture is simply amazing but their is about 0.8 second lag between the controller movements and the picture on the TV. Just wondering if the Monster cable purchased was a waist of money or whether their is a setting on the TV that will simply abolish this lag. Much appreciated.