[TFortunato]

That's a bit of an over simplification, but for a hobbyist application, sure.

You are absolutely right that the encoder is a BIG part of your system design, but the motor quality will make a difference. If you are doing something like a robotic arm, or slow speed motor control, you don't just care about encoder ticks, you also start caring about things like torque ripple in the motor if you want decent motion quality, regardless of how good your encoder is!