With Destiny SOOO close to launch I myself can understand that if there is already no theater mode, that this feature would be difficult to implement. However "if" a public event or strike mission had the ability to be recorded I can see how AMAZING and LEGENDARY it would be for community to visit an area at the tower where guardians could access an area exclusively for reviewing and analyzing each others encounters to SEE theater mode files of engagements in public events.
As an example, say you and your fire team encountered an alien attack never before seen OR discovered a weakness in the thrall strategy or something similar. With a couple button presses you could capture the engagement to your hard drive, and afterwards visit the post master and mail that file (which could be a file share) similar to being a package to other members of your clan OR friends who weren't there so the next time that engagement happens....
Your friends have seen the footage and are ready.
Not to mention being able to capture footage from every players perspective and share what makes BUNGIE "Legendary".
I would love this as a feature.