If you could master lighting, sound and cinematography you got a block buster...
And thats the major probem with many (to most) "video projects" they are lack lighting, sound and cinematography. A video camera isnt just good enough, so these filmmakers fail. Also if you do your homework (research on the internet) you'll find tricks on lighting, sound and cinematography that shouldnt cost you an arm and a leg.
I do agree with all the technology that we have today there shouldnt be any problem for anybody to dishing out a good low budget film.
:)
They also lack decent acting, and in vast majority of cases, decent writing. I've seen many microbudget films that are accomplished to spectacular visually, but lack basic storytelling ability and competent acting. I've actually concluded the technical aspects are easier to master than the ability to tell an interesting story is.
In my experience, it depends on which aspect of technical production you're talking about. A couple of them are integral to storytelling, so it can be difficult to separate the two. For example, probably everyone here has seen a film with such badly done audio that you often can't understand big chunks of it. Same deal with very poor editing, which can completely obfuscate good storytelling.
Of course, I think you CAN make a decent film (or rather, an entertaining one) even with bad writing and just very basic storytelling. Sometimes that's the point. In my own little film making endeavors, I think the worst film making sin is to make a dull and boring film.