Most important feature of a telescope
Well the angular resolution of a telescope depends on two things: 1) The wavelength of light you're looking in, and 2) the diameter of the primary lens/mirror. 

$$ \theta = 1.22 \frac{\lambda}{D}$$

where $\lambda$ is the wavelength of light and $D$ is the diameter of the lens.

Light collecting power is simply how many photons you can collect in a particular wavelength in a given amount of time. Essentially, the bigger the bucket (or lens/mirror), the more rain you can catch. You can sort of get around light collecting power by increasing your exposure time. But, if the size of the object you're trying to observe is smaller than your telescope's resolving power, I don't believe there is really much you can do about it. Being limited by the resolution of your telescope is called being diffraction limited, but most telescopes on Earth are usually seeing limited due to the atmosphere's smearing effects.