We use 7 & 8 mega pixel point and shoots with good result (on a tripod). However, if you are looking for great pictures at a bargain barn price, consider buying a used Nikon or Canon film camera and scan the finished photo. Digital cameras have only recently achieved "film quality" and, depending upon the quality of your scanner, you can get a great result.
Finally, since the whole world is going digital, these cameras are pretty cheap. Unfortunately, they lack the primary feature of digital that you can shoot all the pictures you want for free. However, if you are trying to populate a portfolio, you don't necessarily need to shoot by the hundreds.
Tim.
While I still have a place in my heart for film, and I can still run my own darkroom, and it is how I learned photography, I would not suggest it as an entry point in this day and age. I switched almost exclusively to digital years ago because even then finding a lab that did a good job coupled with the cost of working with film just wasn't worth it. Sure, buying a film body is less expensive, but when shooting for theatre where you have to deal with color correction, white balance, film speeds, etcetera digital is farm more cost effective, and the learning curve to achieve good results is much easier.