I'm going to say that it depends on two things: 1) who you're shooting for and 2) what you're shooting.
Case in point: I have personally prepared variable-frame-rate, vertical video shot on a phone camera for air in a newscast. It was subsequently sent to New York for inclusion on CBS Newspath for other affiliates to download.
Not what you'd expect, huh?
Well, there was the subject -- a tornado that turned out to be an EF3. Content trumps quality, especially if you deal in news.
KGAN (CBS) & KFXA (Fox) Cedar Rapids, IA