Sony announced today that the PlayStation 4 will feature USB video backup as well as an option to turn off HDCP for video sharing.
The HDCP security on video content captured through HDMI-based hardware hinders the access of that captured media by either limiting the quality or the length of the video feed. HDCP security on the PlayStation 3 prevented users with Digital Video Recorders to capture video in full 1080p. The PS4 has a similar scenario taking place, where videos don't reach the 1080p resolution and can only reach a maximum duration of fifteen minutes. The official posting from Sony specifically mentions that users will be able "to record and share longer clips of their gameplay sessions," but it doesn't specify if a higher resolution will be supported.
The other major change to the Share button featurettes is the ability to back up video content on a USB drive. Specifically, videos and screenshots can be shared directly to a USB drive; no official statement regarding the ability to back up already existing videos and screenshots was included.
One further addition is the implementation of "a rich video editor with a simply tool to personalize your video clips." The quick editor that the PS4 already has certainly will benefit from this update, as the ability to edit videos is rather limited.
Sony went on to tease about enhancements to the Twitch and Ustream broadcasts in future PS4 updates, stating that streams will be able to be archived and broadcasts will be cast in an upgraded resolution of 720p.
Unfortunately, the only time table for any information regarding the next PS4 update is "the coming weeks." Until then, stay tuned to PSU for future PlayStation software updates.