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Well we know that Sony has a feature built into the firmware that lets developers enable real-time recording and upload to YouTube (or transfer the video file to HDD) on their games. Currently only a few games use this feature.
Do you think it would be possible to create a homebrew application that would allow universal recording?
i have been looking for a slightly different process of recording but i do think your idea is possible. my idea is to record ps3 over your home network or over the internet. like internet TV but your ps3 is the channel