Precoding with limited feedback information can achieve satisfactory performance while the amount of feedback information is kept small. In this paper, we analyze the theoretical performance of equal gain precoder and find that its performance is at most 1.049 dB worse than the optimal precoder no matter how the number of transmit antennas increases. Moreover, we analyze the performance degradation of the equal gain precoder due to scalar quantization theoretically. The result shows that 2-3 bits per transmit antenna (excluding the first antenna) can achieve 0.5-0.25-dB performance gap compared with the same scheme without quantization. Furthermore, we found that the equal gain precoder in general can achieve comparable performance with the Grassmannian precoder in the same moderate feedback bits. Simulation results are provided to corroborate the theoretical results.