It's not quality of photo that will be lost, it will be the ability to focus on reporting. Even if taking a photo is easy as Instagram, you still have to take time to edit the photo and prep it for print/production.

More problematic is the awkwardness of trying to photograph and interview at the same time. "I'm so sorry for the lost off your children, Mrs. Smith. Now can you look at my iPhone?"

That kind of breaks the rhythm.