Sony has today launched the much anticipated firmware update 1.70 for their PlayStation 4, introducing a rather large assortment of features including the exceptionally cool looking SHAREFactory video editing suite.

The update is going live across regions starting today, and brings a number of new additions including automatic pre-downloading of pre-ordered games, option to disable HDCP, USB export for captured gameplay, new DualShock 4 options and a whole heap more.

One of the bigger updates touted for the firmware release is SHAREFactory, a new video editing app that allows you to easily customize your gameplay videos with special effects, video commentary with picture-in-picture capability through PlayStation Camera, and custom soundtracks using the included audio tracks or your original music imported from a USB drive. Once you've created your favourite clip you can then share it across Facebook or export it to a USB for upload later.

A whole list of features available in the new patch can be found on the official PlayStaiton Blog, and PlayStation 4 users in Australia should start to see their console updating throughout the day. The console should automatically download the update in the background, but you may also need to manually push the update through.