It really doesn't feel like it's been six months that I started this personal project, and been shooting with my cheap camera set up. The goal was to become a better photographer, to see the photo in my head before taking it - to shoot less and keep more.
From the 26 photos I've taken so far, many are forgettable. But there are a few that are good—I think so, at least—and less than a handful are keepers. And not just "cheap camera keepers"—they are actual keepers, regardless of equipment used to capture them.
However, the main lesson learned so far is that gear is really least important element in making the image. I am actually actively minimizing my gear, or actively thinking of buying older or used cameras and lenses. Not only is this a blessing to my pocket (a big plus), but the confidence that I can shoot the images I want with any camera is a bigger benefit.
I just ordered a used Fuji X-M1 body and a brand new Fuji 18mm lens (won on eBay, at about 1/3 of retail price). A two year-old camera with a (*gasp*) three-year old lens. Coupled with a cheap 28mm equivalent optical viewfinder, set at hyperfocal distance, this is a street photography setup that has nothing to envy to the Leica's of the world, at a bargain price. Can't wait to shoot with it.