Exactly, the engineer was responsible, and licensed, to ensure the signal met certain specifications. As long as the content could be converted or made to meet those specs, it was broadcast quality. Even back then, we could get some pretty cruddy VHS stuff broadcast as long as it was cleaned up and met the specs. It looked like hell, but if the content was worthy and could be cleaned up, it went on the air.
Things are much easier today. In fact, spend some time watching commercials at 3am and you'll still see some pretty awful stuff being broadcast. Stuff that looks like it was shot on U-matic, duplicated a few times to soften it all up, someone screwed with the phase shift, unterminated the coax and made the recording
But there it is, right in between two HD shows! So yea, a 5DMkII or T2i is more than worthy.