I think they could include it in the Xbox 360/PS3 versions of the game too, it really wouldn't be all that hard. My guess is is that since the GTA games (and most games) use coordinates, it could find the coordinates of a big collision or whatever, store what exactly happened (like the replay feature on the Xbox/PC versions of the game) and then put it on the TV. It would really just be the replay feature in cinematic view.