Announced at GDC 2014, Sony is beginning to shed some additional light on what PlayStation 4 owners can expect when the 1.70 software update is released. First up, they have announced a new video editing app called SHAREfactory.

With SHAREfactory, you can now easily combine your captured video clips for editing, personalize them with special effects using filters, transitions, and themes, as well as share them with your friends and social networks. SHAREfactory also allows you to personalize your videos by adding text, stickers, and a set of included audio tracks, as well as video commentary with picture-in-picture capability with PlayStation Camera. It also allows you to import your original music to add to the custom soundtrack for your video.

What do you do then after you've created a video within SHAREfactory? Well, you can take it with you on any external USB device. If you don't want to do that, perhaps the ability to switch off HDCP will benefit you if you have a direct capture card.
Once you’re done with your masterpiece, you can easily share your SHAREfactory videos to Facebook, or export them to an external USB storage device to upload them elsewhere, another new feature coming as part of the 1.70 system software update. Other PS4 SHARE enhancements include the ability to change the recording time of your gameplay to shorter increments, the ability to change who you share your clips with on the SHARE screen, and the removal of default saves for screenshots and video clips. In addition to these SHARE enhancements, the 1.70 update will allow you switch off HDCP, enabling you to capture video directly from your HDMI output so you can record and share longer clips of your gameplay sessions — a feature I know many of you have been waiting for. We are excited to see what the PlayStation Nation does with these new social features, and cannot wait to get them into your hands!

That's all well and good, but what about preloading? That's also in.
Providing you with immediate access to your games is a priority designed into PS4, and something we will always strive to make better. We’ve had a great response from PS4 fans about the Play as You Download feature, the snappy load times when launching and playing games, and the general speed and responsiveness of the UI. The 1.70 update adds features to build on this idea and make it faster to play the games you pre-order with an auto pre-download capability, which allows you to pre-download your select pre-ordered game up to several days prior to release. If you have the auto-download feature enabled, it will automatically pre-download your pre-ordered game so you can play as soon as the game is unlocked on release day.

Keep in mind that this isn't everything that will be included in the 1.70 update for the PS4. The PlayStation blog will undoubtedly be pumping out more news in the days ahead.