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Clip and screenshot sharing has been a regular feature on many 360 games, and also picked up by CoD. I can see this functionality becoming an integral console OS function a'la chatting. Video chat will also become an OS feature, on 360 it's implemented in-game. I doubt MS will have any cloud gaming service, but I do imagine that they'll provide a live-stream of gameplay function.

But one thing is for certain, MS has been the leader in system software features to date, I don't see that changing.