The cable you linked will NOT work. It's DisplayPort, not HDMI. It also matters what way you're trying to go... from an HDMI out to a VGA in, or vice versa. The HDMI standard is purely digital, so unless the device supports RGB through HDMI, It's not going to work. Most home entertainment devices won't do RGB through HDMI. Video cards and laptops sometimes will. If you're going from HDMI on say.... a blu-ray player to VGA on a computer monitor, it's not going to work. Another problem you'll face is that VGA isn't HDCP compliant, so most HDMI devices won't play protected content if you use one of those cheap-o cables.
Generally, the only tried and true way to go between these two standards is to use an active scaler / converter of some sort. They're boxes that contain active logic to convert the signals, and start around $70.
XPS 17 has a Displayport output. It's pretty clear original poster wants to go from XPS 17 to a VGA projector. I see no reason to doubt Monoprice and even Newegg that their DP to VGA cable works and performs active conversion as required.
HDMI is digital and VGA is analog. If you are looking to go from HDMI to VGA you will need an active converter that does digital to analog video signal conversion. I would recommend checking Part # SCA-HD-VGA.