Players that put game clips on their Bungie.net file share will be able to spend "Bungie Points" to convert the clips into standard video files. The service will provide two options: 640x360 WMV at "about 1Mbps," and 1280x720 WMV at 6Mbps.
Bungie Pro subscribers will automatically earn free Bungie Points, and point packs will also be sold. The public beta, scheduled to run until July 7, is currently open to all Bungie Pro members that registered prior to yesterday morning.
Two examples of video render quality can be found on the official Bungie site.