In the next update for the PlayStation 4, users will be able to create and upload videos with the SHAREfactory. This feature will allow users to personalize their videos by adding text, stickers, audio (both included and custom), and commentary with picture-in-picture.
You'll also be able to upload to Facebook, or export to a USB to upload elsewhere straight from the SHAREfactory. System update 1.70 is also going to remove HDCP, enabling the ability to record via HDMI output to your personal game capture device.
Sony is also unveiling the ability to predownload your games so they are playable the moment they are released. Much like Steam in this aspect. Fast UI responsiveness and general system speed are also being addressed.
Update 1.70 has no release date.