That Ebay link is great! Nice find and thanks for posting.
I successfully completed this repair by replacing the home button assembly complete with the flex cable. There is no chance this cable can be repaired there is some processing going on in the switch so it must be replaced if torn or cracked.
What a game for the new IPAD4 home button!
Everyone please be careful on repairing this and opening the Digitizer. If the Digitizer is cracked from the bottom then double check the glass wont break it upon removal as well.
You can easily rip this flex!its literally 4mm wide and very flimsy! Even handling the new flex assembly is scary!
Cheers and good luck :)