The point is not that ANY photograph made with a terrible camera can be fixed and turned in to something awesome.
The point is that it is possible to do excellent work with anything, as long you work within the scope of the camera's ability. Obviously I'm not going to be shooting sports with a 640x480 cell phone camera, but I might do moody abstracts, or soft pictorialist landscapes. Photoshop or equivalent is pretty much necessary here, since the stuff these little/old cameras produce is generally pretty flat and unpleasant. SOOC is awful with these things, in my experience, but the results can be fine with a bit of post.
This is generally true, you have to fit the tool to the job, or the job to the tool. Lesser cameras mean less flexibility, not necessarily lesser results. Attempting great architectural work with a high end DSLR and some mediocre zoom lens is only slightly less silly than trying to shoot fashion with my ancient Nokia phone.
Note that I am carefully NOT saying that you can shoot any photograph with any camera, quite the opposite.