PRODUCTION VALUE
Capturing Sound
I spent money on good microphones. If I were only using them on this shoot, these would be reported on the budget. But they are things I wanted anyway. I have a shotgun mic that is a budget one < $50. Radio Shack has great hand held mics for cheap. The Archer brand microphones used to be top of the line Shure mics that they purchased the rights for several years back. The parts are cheaper that go into them, but the engineering is sound. You will get good ADR and foley using these mics. Remember to record 3-5 mins of silent room noise at your locations.
I spent the money to get a good camera as well. You don't have to. If the story is good, people will forgive bad picture. Sound is more important, but a good story is tantamount. If you get people reading your script who don't want to put it down, you should make that film!
Lighting
I went to Sears and got 5 Halogen work lights on clearance for $10 a piece. These are 150/300/500 watt units. I'm trying to use the 500 watt as lightly as possible as I've already burnt out 2 bulbs (lamps) with a limited number of hours on them (5 or 6 total). I'm using cheap boom microphone stands to clip stuff: gauze for in front of the lights (silks); Pieces of large white foamcore form the craft store to redirect the light (bounce cards); clamp on reflector lights with flood lamps for accent lighting (kickers); black material to block light (flags).
I've found that I can do most of my lighting with a key light @ 300 watts 45 degrees to the side and 45 degrees up, a bounce card to use as fill on the other side (move it around until is looks good) and a rim light or kicker in the back to separate the subject from the background. In the exteriors I have to play around yet. I'm assuming it'll be just a matter of replacing the key with the sun and using bounce cards/flags to fill the other side of the face. If the sun is high enough that the camera can't see it, I will use that as the rim light and then bounce/flag for key and fill. No lights means no generator, no generator means decent sound on the shoot.
Camera Boom
I'll be building a small boom for getting some neat dynamic (big hollywood looking) shots...it ended up costing about < $10. I'll post pictures when I'm done (some of it is scrap wood).
Steadicam
I've found that your tripod makes a wonderful steadicam rig. With the legs short, you can grab the tripod just below the handle in a loose ring made with your thumb and forefinger (gimbal) to disconnect the camera from your body movement. Now walk with it as if it were a full cup of hot coffee. This will get you a pretty good steadicam-like shot for free. Gently moving the handle to tip the camera for framing will make your shots look like you know what you're doing. Keep the corrective movements small
Dolly Shot
I'll also be buying a large flatbed gardening cart with pneumatic tires as a dolly. By letting a little bit of the air out of the tires, you will smooth out the ride and reduce the camera shake from it. Big tires are better in this case. This is about $60.
Progressive vs. Interlaced
Remember that horizontal motion is quite visible in digital video unless you're recording in progressive/frame mode. You will see an effect at the edges of objects that looks like the teeth of a comb. This is a dead giveaway that you are shooting digital video. It is also distracting, so keep the movement in the frame to a minimum. Most of your shots will be locked down shots anyway, so you shouldn't have too much of a problem with this. Locked shots look more professional with light cameras than moving shots do. Mostly due to the mass difference between film cameras and digital camcorders.
Soft Focus
To "Hollywood" up your shoot, here is a trick. Get a neutral density filter for your camera, it should just screw onto the front. This opens up the aperature (think the iris of your eye) which makes it easier to get the background to blur. Get right up to your subject. This will force you to focus nearer which will start to blur the background.
You can get quite an extreme blur by zooming in. I was able to get my JVC Camcorder to have a < 1" focus using a telephoto lens, zoomed in, neutral density and close to subject. My thumbprint took up the entire frame...the sides of my thumb were out of focus! This is with an $800 camera.
Keep in mind though that this is only used for focusing the audience eye on a subject or minimizing distraction in the background. Most of your shots will be wide shots (zoomed out). This minimizes camera shake and makes focusing easy.
Framing
Think of an imaginary tic-tac-toe board on your view finder. Keep your subjects off the center square unless you have a specific reason to center them. They should be looking/moving into the open part of the frame. Two people talking to one another across editing cuts should be on opposite sides of the frame looking toward each other if the two images were overlaid. This is comfortable to the audience.
Night shots
We will be shooting some day for night (shoot at day, but color it blue, bump the brightness down and raise the contrast in the editing software). This makes lighting easier on set as you can use the sun rather than expensive lighting that would again require a generator.