Every project on which I have worked so far was a one camera shoot.
"Johnny Montana" just received the Silver Spotlight Award for Best Debut Feature at the 2006 Australian International Film Festival, and also was shown at the 2005 Telluride Film Festival, the 2005 Boston International Film Festival, and the 2006 San Francisco Film Festival. It had a budget of about $60k.
The indie feature "Moonshine" went to Sundance and had a budget of under $8k.
Great filmmaking is about creativity and attention to detail. A great script performed by solid passionate actors, carefully shot with great location sound coupled with effective editing, audio postproduction and a tasty score is what makes a great film, not the equipment or budget
Excuse me if I jump back on my soap-box again, but I cannot stress enough the importance of your location sound. Many young/beginning filmmakers treat it as an annoyance on the set and then expect people like me (I'm a sound designer/audio post engineer) to perform miracles with their poorly recorded location sound. Well, I'm a genius, not a miracle worker, I cannot take a pile of dung and turn it into the Pieta.
"Sound is half the experience" - Steven Spielberg
You should select your location audio crew with the same descrimination you use to pick your acting talent and DP. Audiences will forgive much if you have great sound, but not the reverse. Much is made of "Blair Witch" being made for $40k. What is often ignored is the fact that the distributor put almost a million dollars into audio post prior to its release.
Okay, I'll shut up. PM me if you would like some more advice.
Good luck
