Just a thought though, the person copying your position report mught be typing it into a keybour similar to an FMC and so N/S xx xx.x E/W xxx xx.x might be easier to transcribe than numbers then letters.
This may come as a shock, but the format a lat/long is entered in the flight plan is the way it is displayed in ATC displays. If receiving a position report on an aircraft that has submitted a flight plan ATC will be comparing it to that in our displays so the flight plan format would be preferred, but not essential. If we have to punch it into the system we have to enter it in flight plan format. If you are swayed by bullethead's input the decimal minutes and NEWS first IS NOT what ATC would prefer