Rumor has it that the PS4 actually records 15 minutes before you actually click record so it can catch something unexpected when you're not recording at all. Basically, you can record 1000 hours on the PS4, but that would take up too much space. I just hope this is true so I don't have to buy a capture card for the PS4. Not sure what it records in yet, but I believe it's the same as the Xbox One, 720p with a solid 30fps.
Via Pixelenemy
Kotaku commenter Dagson stated that the PlayStation 4′s recording capabilities are not capped at just capturing 15-minute clips. Players are apparently able to capture “virtually unlimited” gameplay while actively recording/streaming.
Via Pixelenemy