You really can get a lot out of kick, snare and overheads, or Glynn Johns technique. The difference between that and adding close-miking and a parallel compression buss is pretty big though; when you hear the two side by side, and understand the control you get over each element by adding the close mikes/faders, then you see why these techniques were developed.
Still, LOTS of great records were done with minimal miking. Problem is, even more than normally so, you need a top-notch kit (or at least well-tuned and prepped), and a great drummer that has some control over their own sound, blending, and dynamics. If you have one of the "cymbal-bashers," you're not going to get anything in the overheads other than white-noise wash...
There is also the aesthetic of minimal miking and minimally-invasive recording techniques-- taking the flaws as they are and working with them, as engineers in a lot of classic scenarios had to do.
It all depends on your definition of "professional sound." there are so many ways to go.