It does also depend on the quality of the gear you have at your disposal. For example, my old band recorded two albums with a home setup, using pro monitors and mics, rack effects, a good desk, a souped-up Mac Pro for tracking onto with Logic (we previously used Cubase and Ableton Live), a MacBook Pro for testing ideas out and so on. The outcome was really cool.
What really lifted it all though was a professional mastering job. We got a pro mastering job done from a pro guy in Germany, and seriously, that made all the difference.
I'll see the light tonight... flashing through the sky...
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Learn to Play Guitar eBook - Free Download at http://www.guitarmusiclessons.org/