According to Al de Leon at the PlayStation Blog, the PS3 already has the ability to capture videos and upload them to YouTube, its up to the Dev's to implement it.
This is a comment's reply made by Al de Leon on the feature:
"This firmware update applies to screenshots only. The PS3 already has the capability to capture videos and upload them to YouTube.
Developers are starting to incorporate this into their games, such as PixelJunk Eden."
So there you have it! More PlayStation 3 News...