All you junior Speilbergs playing on current generation consoles will be able to chop and splice footage using the Rockstar Editor. The video editing tool will not be available for the PlayStation 3 or Xbox 360, but that's not surprising considering the difficulty in running the game at full speed while capturing and compressing video in the background.
PC version pictured
The console version will feature an interface customized for gamepads, but currently no concrete release date was given. Rockstar does "hope to release [it] sometime this summer, or as soon as it is ready."
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Source: Neowin
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