I've spent a few years of my life learning photography. I've shot on some great equipment and some crappy equipment. While the great equipment makes it easier to get good shots, I've done some wonderful things with a cheap digital and even *gasp* my phone.
These guys prove this point by shooting a fashion video with an iPhone 3GS (I have that one and I'm pretty impressed by what it does for being a phone camera). It's pretty fun to watch, especially when his phone rings in the middle of the shoot. Watch carefully and you'll get some good tips on lighting and composition (via Digital Photography School).