12 lead ECGs can only accurately interpret axis (the predominant direction of the flow of electricity through the heart) with the LIMB leads on the limbs - deltoids and thighs are fine for this -
axis determinations are vital in diagnosing hemiblocks / fascicular blocks of the bundle branches. One could also argue that incorrect lead placement could give skewed results of infarct location, and amplitude variances, but personally I believe that's a bit over the top, and it's sounds as though studies have demonstrated those two problems as being irrelevant.
The key is good skin prep - most artifact comes from poor conduction - not placement.
On a side note - telemetry beds were the original 'movers of the leads', as they migrated inward to the torso to prevent ICU V-tach alarms from sounding every time a patient brushed their teeth...