This feature would be very good, as long as the videos arn't like Just Cause 2, the quality was pretty poor to save on bandwidth for uploading. If it gives you the option to select the quality then that would be good especially for proving laps and the like. It would be also great if you can capture direct to the PS3 in MP4 format and then move these into an editor ether on the PS3 or Mac/PC to make our own compilations and or race reviews from online races.
I suspect it will be in the works for an update but im not sure as to what functions it will have. Heres hoping.