I have to respectfully disagree on this one.
I believe the advent of digital recording, and the role computers play in the scheme of things has really opened things up.
To get professional-quality, you do not need to reserve time at the lush, expensive studios. Expensive Pro Tools setups are mearly faster-running, more flexible versions of what most people have available on their home computers. A hit record that actually went #1 in the U.K. called "Your Woman" was recorded on a 4-track cassette multitrack recorder by a guy in his bedroom. Hell, take a listen to some of Erland's stuff in the MP3 mixing clinic and tell me you don't find his music even more charming given it's sheer simplicity. And don't even get me started on Macle. His stuff sounds better than half of the poo-poo I hear on the radio today.
The idea of having to have an expensive microphone is pretty much a joke. Many a hit record has been produced with
the Shure SM7 as the main vocal mic (Harvey even put it on his all-time best microphones regardless of price list in the top 10). The sm57 has been used on occasion, while I hear Bono has a fondness for the beta 58. None of these mics even break the $400 barrier. The SM57 was and still is probably one of the most used microphones at $70, and can probably be heard on the snare drums and guitar cabs of most any hit record you listen to.
Well then you gotta have those expensive preamps. All the hit records have either Neve or API's for sure, right?
Not always. John Cougar Melencamp supposedly used Joemeek VC1Q's all over one of his latest efforts, as have the Black Crowes. The Grace Design is quickly gaining a reputation as being close to a world-class preamp. If you have the skills and patience, you can even build your own Neve-alike from a bunch of scrap parts for fairly cheap.
How about compressors? The RNC from FMR Audio is quickly gaining ground as a workhorse compressor in some of the top studios (Street price = $175). I was reading an article about the band Garbage . . . and among their gear list was a Joemeek 2-channel compressor they like to use during mixdow.
This on top of Butch Vigg's genuine fondness for using Waves' software plugins for much of their effects.
I see the landscape for the modern recording setup taking a similar path that publishing has in the past 20 years. At one point, if you wanted a brochure, annual report or other similar graphical piece printed, you had to go to a design shop. Since then, programs like Pagemaker and Quark Express have brought desktop puplishing within reach of anyone with a Macintosh and a will to learn the craft.
Does that mean the death of the modern recording studio? Absolutely not. It will always have it's place for certain applications. But I see it becoming much more of a tool for the skilled engineer, rather than an absolute necessity to get professional-level recordings.