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What? Yes it can. You click share which is literally a button on the controller and square & it records the last 15 minutes (or can be however long you set it for) of gameplay. You can also just double tap the share button to record upcoming gameplay die again, 15 minutes where Xbox DVR does it for 5. PS4 allows you to edit up to 30 minutes of clips where Xbox only allows 20. I use both regularly and ps4 is much better to edit and save clips.
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[spoiler]halo[/spoiler]
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On 360 ,;,-------,;,