The purpose of the photography is to show what is going on.
Shaking the camera so badly that you can't tell what is on the screen doesn't make me feel like I'm in the scene. It takes me right OUT of the scene because I can't tell what the hell is going on! And it's the reason I had movies like District 9 and a few others. It's not "edgy" film making. It's just annoying. It has ruined a lot of movies for me.
I went to see a horror movie that was in the "lost footage" vein that did not have one long shot. EVERY SINGLE SHOT was a blurry close up filmed by someone jumping up and down. It could have been a pretty good film, but I actually had to leave the auditorium for 10 minutes because I was getting motion sickeness. The story was good, but it was ruined by subpar "edgy" photography. What a waste.
What just happened in that scene? Well, there was a loud noise and people started yelling, but then everything on the screen just went blurry and shaky, so who the hell knows what actually happened. Whatever it was, I guess they didn't want us to see it.
I don't disrespect those who love it, but I sure don't understand it. I don't understand the appeal of not being able to see what's going on.