A post on the PlayStation Blog has detailed the updated suite of editing tools coming to PlayStation 4 in the 1.70 hardware firmware. With the new SHAREfactory, budding video editors can splice together multiple clips and personalize them with special filters, transitions, and themes. PS4 users can also use their PlayStation Camera for picture-in-picture video commentary and import original music to give videos a custom soundtrack; though there's no word how that feature will work considering the PS4 still cannot read audio CDs or MP3s.
When you're finished Spielberging your favorite gaming moments, the latest update allows players to save their creations to a USB key for easier sharing or online uploading.
Also coming in the update is the option to disable HDCP; allowing for direct feed video capture as well as the ability to auto-download and pre-load games that have been pre-ordered; reducing the wait for downloaded games on release day.
Although there's no official date for the firmware update's release, the blog post (and comments) promise it will be soon.