It's true that equipment does need to support the film makers needs. The reason why crank 2 was shot on a1's is because of their size. They were able to do things that would have been impossible with a 30 pound shoulder rig. And again, it comes down to the average viewer having no idea that it was shot on a camera that they could go buy at their local best buy.
Of course you can't expect to get miracle images out of an HDV camera, it just doesn't happen. HDV is limited, just the same as any other medium is. The point I was trying to make is, image quality aside, it is more important to rely on the other pieces of the equation to make a film good. Story line, acting, lighting, locations, crew, all should be considered first before choosing a camera to shoot on. You make a camera decision based off the things listed. You pick a camera that suits your needs, and in crank 2's situation, that was the canon XHA1.
Check out this guys work, he shoots with the A1 a lot.
http://www.vimeo.com/pinelakeflms
Also a number of big budget hollywood films have used HDV cams here and there for certain shots. I'll see if I can come up with a list.
In the end, if the audience enjoys what you have created, all the tech talk is meaningless. They wont care if it was shot on a Thomsen Viper or a sony handycam, if it's good, it's good.