The TS currently has a Canon 450D + Kit Lens and 50mm f1.8. He also uses a Canon Powershot A710 IS as backup. And In my opinion, he takes really, really great shots with just that. See for yourself:
dbgg1979's photostream
So I think it's mostly the user and not the gear. If given a 5D Mk-II or a 1Ds Mk-III, even with a 50mm f/1.8, the TS would still probably make great shots. Or if given a Canon 24-70L Zoom lens mounted on his 450D, he still would be taking great shots.
So it all boils down to what he wants in the end.