Your comment that "the cinematography is great" followed by "does the quality of the camera matter" is both contradictory and intertwined. A great film is one in which ALL of the elements mesh. If you are working on a minimal budget the project must take advantage of the limitations. Too many people are hung up on having the latest, greatest toys; in the music biz it's known as "technolust." Having great gear will not guarantee a great product, but having crappy gear does not mean that the product will be crappy. Rap and Techno music were originally created by renegades who took the technological cast-offs of the music industry and created something fresh by taking advantage of the limitations of their low budget gear.
Compared to many of my peers my studio is definitely low budget, I did a lot of research and chose my tools carefully, getting the most bang for the buck. Are they the most expensive products on the market? Definitely not. Are they quality products? Absolutely! I then spent many, many hours learning all those tools inside and out so that I can still put out quality product.
You may have a great script/story, but can you present it in a way that the audience will accept and enjoy on your projected budget? You're not going to make "Avatar" with a Canon GL2, Home Depot lighting, a Zoom H4 and Windows Movie Maker. But you can make something great if you work within and take advantage of those limitations.