"The idea is you're always recording," Lobb said of the Xbox One's game DVR feature, nicknamed 'Project Upload'. "The last five minutes of any game you're playing are always being stored on your hard drive."
"Say you're playing online and you just did the best thing ever - you can't pause as you're playing online," Lobb continued. "You can say 'Xbox, record that' and it'll grab the last 30 seconds of gameplay for you to play around with later."
http://www.eurogamer.net/articles/2013-07-22-xbox-one-records-the-last-five-minutes-of-your-gameplay
UPDATED: Sony confirmed 15 minutes for PS4 after DigitalFoundry fuzz.
This claim was misheard and led to some reports suggesting PS4 captures "seven" minutes of gameplay data, while other articles claimed the console records "several minutes". But on Monday a spokesperson for Sony Computer Entertainment Europe told CVG PS4 will continually record 15 minutes of gameplay data, as initially reported.
