For Gaikai/RemotePlay, VCE in realtime is enough, no need for performance-stealing GPU-enhanced enconding.
For Ustream, it also should be realtime-encoded, so the PS4 only stores the compressed video (no way it would keep 15min of uncompressed video around "just in case").
However, Sony does have their own video technology, it might be cheaper for them not licensing the VCE block and include some of their IP instead. After all, AMD says there's plenty of Sony IP in the APU.
How about opening a thread to speculate on the technologies that Sony brought in? It should be even funnier than current threads...
/jk