I think that there should be a Ustream app for the PS Vita. So we can be able to watch PS4 gameplay or even if possible, PS Vita users may be able to stream their gameplay, maybe. It will be better to be connected in terms of the Playstation experience. Who else would like this then leave a comment.
It would be only available If the game developer left the memory and CPU core free so dont expect it to be popular with developers
The PS4 uses a standalone CPU and 2GB of ram... to do its low Quality feed streaming...
SIEE PS3/PS4 Beta Tester
From SIE blog firmware 4.50 post "There is no guarantee that all USB storage devices are compatible with your system."