I guess there are a couple schools of thought on beginner guitar quality. Sure, the high action cheap ass acoustic will strengthen your fingers and finger tips, but does absolutely nothing to promote a fluid, light touch that is required to gain speed and accuracy. I started on crap guitars and had to re-learn technique as I moved into higher quality, Lite-action guitars. You can't go banging away on them. I now play a scalloped neck.

One thing I totally agree with Silimtao on is the height of your guitar when you play. Man this is important! Read his section again. Unless you have hands like Shaquile O'Neal, for most chords, make sure your thumb is placed on the back of the neck and not wrapped around it like holding a baseball bat. This will put your fret hand in the proper position to attack the strings straight down. Try that with the guitar hanging around your knees!