Yes, its already available. In the Japanese title Mainichi Issho there is an option for you to upload up to 10 minutes of gameplay to youtube instantly from in game.
If this can be implemented fully in a FW update, where any game had the option to upload gameplay directly to youtube, then Sony really has an amazing idea here.
With the success of youtube and user generated content, there is a large demand for this type of material. I really think gamers would welcome this feature with open arms.
Imagine being able to capture video of you breaking a high score, or finding a rare item, glitch, or etc. Getting a headshot on your friend, then posting it on youtube to rub it in his/her face.
The possiblities are endless.