I've been enjoying ELF and Matrix Revolutions at my private home theater. They were handi-cam versions. I wanted to see how bad they really were. Not bad at all. In fact the Matrix one, I wasn't sure of until the very end; when a dude jumped up to leave. I was cracking up!
I think movie sharing will soon be cracked down on. Handi-cams are a work of art themselves - they should not count as the original films, just interpetations of the original media.
Like the Seinfeld episode, where Jerry becomes one of them, and he's a fan favorite for his exceptional camera work.
Personally, I only very rarely download a handi-cam version of a movie. They usually are super shitty, have people coughing or talking, or walking in front of the screen. Sometimes the guy's battery dies and you lose a few seconds or it beeps before going bad. It's annoying. I'd much rather watch a "real" version.