There's always so much emphasis on using the right gear at the right time, which often gets translated to expensive mics, preamps etc. This tends to put pressure on the new home recordists to make sure they buy the best gear they can afford. Now while this not a bad idea, it's not the full picture.
A great photographer is not a great photographer because he has an expensive camera, it's because he understands how to use it, how light can be used to benefit the image and has a creative eye. The theory is huge. If you gave that same photographer a cheap point n' shoot camera, they'd still be able to blow your mind artistically and conceptually, although the image would contain technical flaws from an equipment point of view only.
My point is, I believe its a combination of knowledge, creativity, AND equipment that make up the differences in varying qualities of recordings. I personally believe the first 2 listed are the most important. Finally, if you don't put great talent in front of the mics, all the knowledge, creativity and equipment in the world won't translate to a great recording, ever.