The Video Toaster may not be of much use for editing...
But as a video effects mixer for live performance (i.e. in a dance club, video art project or as a video mixer for projection of live images behind a band, etc.) it could be very cool - and something Sony Vegas and an iPhone couldn't match.
For art projects video resolution and 16:9 doesn't matter. In fact some people are intentionally using old VHS camcorders, etc. for an interesting look (much like some are still using super-8 film).
I'm pretty sure someone was live-streaming the feed from a real Amiga video toaster during the Amiga 30th celebration in California this past weekend. It sure looked like that anyway - it still looked good and was extremely appropriate for the event.
