Harvey Gerst said:
Having a great song, great instruments, great musicians and a great arrangement are topics that are really outside the scope of this forum, but how to record it all, what to use, and where to place everything, is exactly what this forum should be about.
I do not see why the focus cant be on both, one is futile without the other. Maybe the mic forum is not the place, but this thread has taken many twists and turns, enough that I added my own 2 cents.
We (or at least "I") have seen the results of having one without the other: we have a bunch of crap on the radio.

Some day, humanity will come to a conclusion that there is more to music than a 20 year old blonde with big tits and a well-placed mic.
As for the topic of "Do you really need the expensive stuff"?, my opinion is:
YES, if you do not have the creativity and talent to make music. If the music sucks, you might as well make it sonically superior. If the music isnt good and the playing isn't good, one can put the mic in any place or orifice they want, it wont make a difference.
To ME, it is the one thing that is sorely MISSING from this forum. Having all the info about gear is of course very helpful, but not as helpful as a theory book or some fingerings for scales.
Most of the people here already believe their music has value, or they wouldn't have invested the money into the equipment they have. The problem lies in seeing their vision come to life at an acceptable quality level.
Most of the people who visit "home recording" are basically musicians, hoping to improve their recording skills. Their goal, as I understand it, is to share their experiences, and/or seek help in areas where they might feel less confident about their abilities.
A good example of how this forum can help might be my statement about deciding between a mic that's "accurate" or a mic that's "flattering". Let's just look at those two choices and how that relates to the final product.
Is an "accurate" mic always the best choice? Some of the most expensive mics made are very accurate, but there is an equal number of expensive mics that are anything but accurate. Knowing when each should be used is a vast subject, even when low-cost ("accurate" or "flattering") mics are the point of the discussion.
Everyone faces the same question when they record multiple instruments; Do I wanna use a mic that's "accurate", or a mic that's "flattering"?
"Flattering" may not be the exact term to use. Does the microphone "enhance" the instrument being recorded? Should every track in the recording be "enhanced" to make each instrument sound as rich or full as possible? How will this sound at mixdown time? Can you use a particular microphone to create a niche for the instrument's sound, so that it doesn't create overlap problems when blended with other instruments?
I think understanding how that works to make your recordings sound better is most important here. The same question shows up here, over and over:
"What's the best mic for $___?"
They're really asking for help in improving what they have, but they don't understand how to ask the right question, so our answers are always the same:
"What do you want to use this mic for?"
And the underlying question about "accuracy" vs. "flattery" finally surfaces.
I can recommend mics that may work for them in any dollar range from $20 to $20,000, but, until I know how a mic is going to be used, my recommendations will be meaningless. And equally important, is that the person asking my advice understands how to use that microphone, and the mics they already have.
Over the years, I've posted many examples of recordings - all using inexpensive microphones. They've ranged from blues to rock to funk to jazz to bluegrass. All with the purpose of showing how you can use inexpensive mics to achieve good results - if you understand some of the basic underlying principles of recording. And that's what I'm trying to show in this forum: those principles.
And no, I don't hold myself up as some kind of "mic god" or "guru"; I'm just an old guy who's trying to share what I've learned over the 55 years that I've been doing this recording stuff.