I've seen some English dubs which really blow chunks. I've also seen some which are pretty decent.
It's definitely true that the Japanese Seiyu are held in higher esteem. They're treated the same as any other actor, which makes a big difference in the range of talent that it appeals to.
The corps of English voice actors who do dub work is probably more limited, and you're likely to see a smaller list of names which show up a LOT on the English cast credits.
However, part of this is the revenue potential for anime in North America. Not as much money means not as much draw for actors. However, when someone like Disney takes an interest and takes on projects like the Studio Ghibli / Miazaki films, they gather some big names, and get a very good job done.
I don't think that money=quality, but it certainly doesn't hurt.