Hello Ryan,
There should not be much difference between 12 and 18 MPix photos. More important, as it was already mentioned above, is to use good quality lens.
In general, lower resolution of images (assuming that camera positions remain the same) will result in worse accuracy of alignment and lower resolution of target mesh. Also low-resolution photos are more affected by noise.
I assume that comparable results with the low-res cameras can be achieved by more close shooting (and so more images to provide sufficient overlap), but haven't got sufficient experimental data to confirm that.