no you shouldn't. But if it is a repeater cable, meaning a little box or buldge in the wire where it takes power and amplifies the USB signal, then that must be 2.0.
USB only goes as fast as the slowest link in the chain. So if that cable only supports 1.1, and everything else is 2.0, you only get 1.1.
Kind of a bummer. What cable do you have, and are you sure it is usb 2.0?