The latter can be set at various intervals from 5 minutes up to the maximum capacity of your microSD card, and basically stores the most recent footage from that period. (slashgear.com)
The most recent footage I have on my PS3 is... well, actually, just the very first footage that was ever released. (blog.us.playstation.com)
I tried to dig out some more recent footage of him playing for Benfica, but couldn't find anything decent on YouTube. (tomwfootball.com)