I think that there is room for both high and low production values.
I was looking at figures of online hosted video viewing just this morning from an acredited trends analysis group. It shows a significant increase in such viewing since 2006. You can hardly call the production quality of the majority of YouTube video to be the highest, but the stats show that people “used to a lifetime of programmes made by experts” are very willing to watch them. Not only that, they are engaging with the conent and recreating it. It’s a new cultural form that anthropologists are studying, and making very successful careers from.
I personally think that we are in a new phase of media creativity. People are doing it for themselves. This will mean (I hope) that new forms of production and creativity will emerge.What am I saying? They are emerging.