I agree in the same way I've always thought that guitar's sound makes a good song, no matter how good the guitar actually sounds out of the contest of the song itself.
for example, I can't imagine a better guitar than the Cake guitarist have played on I will Survive (G. Gaynor' cover), even tho it's actually a "cheap" acoustic guitar through a broken loudspeaker... take a look at
https://www.youtube.com/watch?v=cvsI3jc4pPA)
I don't mean going on the lo-fi side, but I also think that any different guitar player couldn't result as good as the Cake's leader playing the same song with the same guitar's sound...