The USB length isn't a voltage-over-distance issue. It's a signal-over-distance issue.
Sure, 5V (USB voltage) does diminish over the length of the cable, but the key factor here is how the USB packet data is sent and received.
USB is a serial communication, which means data has to be placed into packets and sent. My understanding of the actual technology is that the packet is checksummed, transmitted and once received, it is checksummed again and the two checksums are compared, in order to determine packet viability. If the packet is viable (no checksum errors) an acknowledgement is sent. Only after this is received does the next packet go.
Now, in order to understand a little better in your mind how the cable length affects this (and I'm writing this for all readers, not just the few who are tech savvy so please don't take offense at how basic this seems) imagine that a packet of data is an envelope, and it needs to be picked up by a postman and walked to the other end of the cable. At the other end, the post office opens the packet, checks that the contents are intact, and sends the postman back with an "ok" or "not good, send again" message.
Ok, now if the postman has to walk just 2 metres, he can send lots of packets in a short time, but if he has to travel 100 metres each way, he is not going to be anywhere near as fast.
Try this test: get a big data file (like a Linux ISO or DVD VOB file). Using a long USB cable, copy it to an external drive and note how long it takes. Delete the file.
Replace the long cable with one of those little 6" cables and do it again. Note the reduction in time ... because those packets don't have to travel as far.
Naturally if your thing isn't time-critical, there's no worries, but for anyone that wants to use USB storage devices, my advice to you is to get a nice short cable!