$cmd
would just replace the variable with it's value to be executed on command line.
eval "$cmd"
does variable expansion & command substitution before executing the resulting value on command line
The 2nd method is helpful when you wanna run commands that aren't flexible eg.
for i in {$a..$b}
format loop won't work because it doesn't allow variables.
In this case, a pipe to bash or eval is a workaround.
Tested on Mac OSX 10.6.8, Bash 3.2.48