Yes. It's based of the record button. If the game/content can be recorded/streamed, it can be shareplayed.
i know i'll see soon enough but any insights into that hour limit specifically wrt to virtual couch co-op? i just imagine the hour hitting at the most inappropriate time ever while co-oping and cause us to "wipe". i absolutely get why an hour limit make sense if you are letting a friend play your system,.. that could easily be abused. but if both players are actively playing i think that hour limit should be ignored.
and remember,. no one comes to this site so anything you say is basically still confidential so you can spill all the juicy details.