In fact.....it may be the worst thing about next gen consoles.
Don't get me wrong, I enjoy watching some good gameplay on YouTube now and again, or the occasional guide/walkthrough for one thing or another. Certainly I've considered recording some of my own gameplay as well over the years. However, if everyone can do it, it will open some seriously large flood gates.
I got this guy on my XBL friend's list. Great guy. Very mature. Very friendly. Good gamer. He bought himself his own HD PVR about half a year ago. His videos (and commentary) are awful. He releases about 20 videos a week and sends messages about each of them to all his friends.
Now I imagine this....but with everyone. Everyone starts recording and releasing vids non stop. Friends are constantly notified automatically about every new recording. There's zero entry barrier. Everybody can get in on the action, without any difficulty.
It's going to be bad. REALLY BAD.
Maybe it's just me, but I think I'm gonna have to end up blocking notifications from like 90% of my friends. People I like. Don't even get me started on what YouTube is gonna look like.