I really think that this is an underappreciate feature.
Making montages, LPs, video reviews, guides, etc is really hard for someone that's not experienced with doing so. You usually need to have a decent PC (in which case, why not just use FRAPs instead?) and I think additional gear to record your gameplay footage.
I'm not really interested in necessarily the "social networking" aspect, but the ability to create your own videos hasn't really been communicated by Sony IMO. Next E3, they should really focus on making it easy for users to create content for sites like YouTube, rather than trying to create a walled garden and their own social networking site.
So, are you excited? And also, what things would you use this feature, and what do you think Sony should do to enhance it? Again, they should make it easy for people to create their own content (not just clips of video), so users should be able to download the clips onto their PC so they can edit them, create an video editing software on the console itself, make it easy to upload to YouTube directly from the PS4, etc.
