Soundguy? Do you mean live drum sound? I never use gates for recording. Ever. Live, yes.
Live: I have used gates on all toms and kick. Eq, and no compression in the small venues I did sound in. I'm sure that would change if I had worked larger venues.
Recording: I always eq before compression. Then usually again after. Then more levels of compression and eq on a drum buss. This is just my personal way of doing things. There is no wrong way really, unless it doesn't work.
And yes, the quality of the kit and tuning of it is the absolute most important part. Second, the room. The room can be made better with treatments, but it wont help a crappy sounding kit. Next would be the quality of the input chain. Mic's, preamps, interface, experience of the operator.
Depending on the style of music you are recording, you could also get away with two good overheads, a crappy mic for each drum, and a quality trigger sampling program. This is a whole nutha ballgame though.
What type of drum sound are you looking for?