that is a very good point. saving it to RAM actually makes more sense if you think about it. the hdd would CONSTANTLY be churning 100% of the time you are gaming if it wrote to the HDD. i mean it's doable but if it was writing to the ramdisk instead for obvious performance reasons, that could totally be plausible in this situation.
PS4 will have a dedicated H.264 hardware encoder, and writing realtime h.264 to a hard drive would only require around 2.5MB/s* or so, at a 20Mbps data rate. 2.3GB* of storage required for the 15 min, so this would probably be too much for caching in RAM, but writing to the hard drive wouldnt impact I/O that much.
The problem would seem to the bit rate, because while 20Mbps is decent for video sharing sites like youtube, uploading a 2.3GB file would take some time with most consumers asymmetrical broadband plans. Dropping it down to around 5Mbps for 720p (562MB* file) would probably be good enough. But then uploading that smaller file would still impact your connection, just not as long.
It doesn't seem that practical, unless you can save the moment, then upload a queue of clips later. I guess they could always cap the upload speed so that it doesn't impact your in game performance, but it seems like more work than its worth. Not just on Sony's part, but Ustream will have to be able to handle millions of people uploading clips 24/7.
*PS, don't double check my math...its for illustration purposes only. I'm sure its close enough.