If you've done any reading on DIY film production, the go-to example is Robert Rodriguez's The Mariachi, which was made in 1992 for $7,000, shot on film, and is not nearly as well-known as its sequel, Desperado. That Rodriguez was able to make a film for that little was nothing short of miraculous--for comparison, look at Kevin Smith's 1994 debut Clerks, which cost $32,000 to produce and had lower production values.
Nowadays, you can get everything you "need" to make a film for under $3,000, you can post your resume online with free hosting via YouTube, and use the same equipment over and over again until you run out of hard disk space.
Right now we're seeing a growth of "middle-class musicians", artists who make a modest living making music without the aid of a label or professional production. We're just now starting to see something similar in film, and frankly, I'm excited to see where it might go.