The next major update for PlayStation 4 will make a lot of users happy. It does away with the console's mandatory High-bandwidth Digital Content Protection (HDCP), as promised, by introducing an option to simply turn it off. You'll finally be able to capture footage via HDMI.
Elsewhere in the update, there will be a "rich video editor with a simple tool to personalize your video clips," as well as the ability to export screenshots or videos to a USB drive using the DualShock 4's Share button. Sony said there's more planned but didn't offer any hints.
Lastly, there's a separate system update on the way that'll greatly benefit streamers. Archives of Twitch broadcasts and 720p streams will be possible once it rolls out.
Upcoming PS4 Update to Add SHARE Enhancements and HDCP Off [PlayStation Blog]