I recently edited a project with multiple outputs, and the biggest headache was getting title graphics and keys to conform to everyone's specs. The most difficult was the SD 4:3, which meant that the titles ended up essentially centered on the screen. 16:9 versions had a heavy left justification.
Through all of this, I kept mulling over the relevance of action safe and title safe. Are they just leftover working practices from the tube monitor days? Given the percentage of people who A. receive their television via cable or satellite, which delivers a stable image and B. the percentage who watch their television on some kind of non-tube-based device, should we really care anymore?
My kids love the new "Electric Company" series that PBS is producing, and they watch a SD down-conversion of my local affiliate's HD feed. A high percentage of the graphics lose a letter on one side of the frame or the other. Shots are clearly composed for 16:9, which no "4:3 Protect" going on. The show is still highly entertaining.
If PBS has moved on, can't the rest of us?