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Mark Cerny revealed on Jimmy Fallon that you'll be able to share your videos onto these three social networks: “YouTube, Ustream, or Facebook [in] about three button presses”.
This will be good if you guys want to make "Let's Play" on youtube for gameplay and it is unknown of how much editing you can do to the videos and if you can do voiceovers over the videos. This will be a great add-on though because it won't require you to purchase an HD PVR or an Elgato recording device.
Here's a video of Mark Cerny on Jimmy Fallon showing the game Knack and explaining the features:
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