Absolutely not.
The most important factor is the quality and quantity of light that you can get to your recording medium..ie film or digi sensor. There is of course a point where if you don't have enough resolution the image will be grainy and too small to do much with.
Take for example an 8 or 10 mega pixel compact and a 6 MP Digital SLR. The reason that the DSLR will always produce better images is because the lens is of much higher quality glass with far fewer distortions and allows a lot more light through that the compact camera lens. This means that your DSLR image will be sharper, it will contain less 'noise' and distortion and will be much easier to achieve professional prints and to work with.
The lens is the business end of any camera, which is why they can cost over �6,000+ per lens for some of canon's top end telephotos. Remember a small imperfection in a lens will result in a massive imperfection in a blown up 10MP image. For every day use a 6MP compact will produce good A4/A3 prints as long as you use a tripod...these 10MP compacts are a joke and are produce much lower quality images that the 'older' 6-8MP sensors since they contain much more noise as they are less sensitive to light.
I am a photographer so I'm a bit biased, but a lot of this debate hinges on what your intentions are to do with the end image; family prints or commercial use? Ideally you'll have big MP AND expensive glass :)
If you haven't gone to sleep yet there are some good articles on the net explaining more...i just found this one:
http://www.kenrockwell.com/tech/mpmyth.htm