Our team uses close to zero sheet metal parts. We don't have anything water jetted or CNC'd. Almost all of our parts are made from box or flat stock aluminum. Everything we build is made on our machines in the school's engineering room by students including almost all of the welding on the robot. (With the exception of some very difficult welds)
We don't struggle with being competitive with the "elite" teams. You don't need all of the fancy equipment to do well. Yes, of course it helps but you can get by without it. All you need is a solid plan going into the build season and to build within your constraints. Using a little out of the box thinking doesn't hurt either.
http://www.thebluealliance.com/team/2137/2014