IME it's not that binary. In our corporate environment we do enough to pass the tests, with one extra 'test' being a peer review which should take into account

IME it's not that binary. In our corporate environment we do enough to pass the tests, with one extra 'test' being a peer review which should take into account a list of criteria that aren't easy to check for automatically; house code style, test code coverage, future maintainability, g11n/i18n-ness, etc. We often only go as far as 'just good enough' but the standard to which that is assessed is pretty high.