The new Share button gets a little more detailed and we finally get some insight on just what happens when we decide to give it a press.
The PS4 will always be recording the last 15 minutes of your gameplay, which you can then share with the press of the Share button. The console can also store your gameplay on the hard drive assuming you have enough space for it. The clip can also be edited in the Share menu, allowing users to choose the start and end point for each clip. Unfortunately, adding voiceovers to clip after you pressed the Share button won't be available, but the PlayStation 4 does record your commentary during gameplay, assuming you have a headset plugged in.
Gamers can also livestream their footage to one of two services, UStream and Twitch, and there is a difference between the two. UStream will allow you to stream but not archive your footage. Meaning that after you're done streaming, that's it, the footage is gone. Twitch on the other hand allows you to stream and then archive the footage on their servers, so you can always go back and rewatch what you streamed.
One of the bigger letdowns is the announcement that uploading to YouTube won't be supported, at least during launch. This was Sony's statement:
No. At launch, PS4 users will be able to use the Share button on the DUALSHOCK 4 controller to upload gameplay videos to their Facebook account, or to stream live gameplay to Ustream or Twitch. PS4 owners can follow PlayStation.Blog and PlayStation.com for further news on other services to come after launch.
So while it seems that it won't be available at launch, it does seem like that's something that Sony's planning on adding in the future.