Is Better Formats still required for D7?

The help text for the Ooyala Channels settings on content types contains:

If the body field is enabled for this content type, it will be used as the description field for the channel. As the Ooyala player will not parse HTML, it is highly recommended to create a "Plain text" input format that uses the HTML filter to escape all HTML tags. To use the input format on this content type, use the Better Formats module.

Drupal 7 supports per-content-type (per-field?) defaults now, and Better Formats isn't even at a decent state for D7 according to the project page. I think we can remove that bit of help text.