Matt, I would say that, if you're recording acoustic instruments, the first thing to think about - other than the quality of the gear, of course - is mic placement. It's worth spending some time testing out various distances and directions before committing to a recording. I record in different ways, depending on the end result required. Quite often I'll record 1 acoustic guitar with 3 mics simultaneously, - all placed in particular positions dependent on the instrument being used - and then mix down to the sound I want.

I used to use reverb quite a bit in my first experimentations - now I don't use it at all for anything. EQ, on the other hand, can be a very useful tool to give some contour to the finished sound. Just my experience over the years...