Here's MY take on the whole thing.
I happen to agree with T_om. All that really matters is the photo. I don't really care how it's taken or who takes it. In fact, I tend to prefer amateurs whose names I don't know to famous photographers most of the time when it comes to the things that I'd hang for my own enjoyment at home.
Before digital SLRs were actually 'cheap' enough for most people to own I tried compact digital cameras. I've also tried modern compacts and I've seen prints from modern digital cameras. I still, to this day, prefer the look of a nicely printed film image over a printed digital image. However, this does not prevent me from enjoying a digitally made print. Nor does it prevent me from acknowledging that digital has come a long way from its humble beginnings.
I think the reason I respect film more over digital is the amount of time it takes, when doing things yourself, to get things right. I'm not talking about putting it through a machine, I'm talking about the getting your hands dirty approach to black and white processing. It takes at least 15 minutes of diligence on your part to develop each roll when you have multiple films you shoot. Then you must go through every frame to choose the best. Then you must go through the entire process of enlarging, printing, and drying. Black and white photography done the old way can be an all-day affair...and that is why you see photos with more passion come from a film camera. You really have to love the process to do it all. You have to appreciate each step. A great man on APUG said something that I now say whenever someone asks me why I'm still shooting film: "I love the smell of fixer in the morning." It's true. I truly love the process of developing film. I know that once I get space for printing I will truly love that also.
Then again, if someone truly loves the process, this can be true for either digital or film photography.
It all comes down to whether or not you have passion for your craft. Without passion and love for what you do your work becomes flat and lifeless. So, regardless of equipment, passion is what is required for any good photograph. Passion and a good eye. The equipment is just what we use to let that passion through in a form that someone else can enjoy.