the whole relationship between frame, components, and wheels is rather complicated, or, just depends on what you are trying to get out of the bike or out of the ride. A good frame with cheap components will probably ride really nice, but not shift well. A junky frame with good components may shift and brake well but not ride nicely.
Most experienced riders, if forced to choose between a good frame with cheap components, or good components with a cheap frame, have an opinion as individuals on which direction they would go, it is a matter of personal preference.
Keep in mind that really most everything about a bike is personal choice and trade off, there aren't truly any right or wrong answers.