I'll give an absolutely too and I think this extends beyond advertising into everything you do.
Sticking with advertising for a moment think about a simple phone book ad. The full or half page ad always leaves a different impression on me than a simple phone number listed. We can take your 4 color print ad example further and say that the magazine it's in also goes toward what you think of the product.
Going beyond the ad I was just replying to your thread about quality websites. If your website appears amateur that's the impression your sending about your business.
To me this all ties into brand. Everything you do or say affects your brand. If you want to be seen as high quality it's about much more than saying your products or services are high quality. Everything you do has to be high quality from the decor in your waiting room to your choice of stationary.
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