The video editor was already known to exist at CES, but now Sony has released more info on it. For one, Europe can expect this to arrive some time in Q1, and that you have to pay to play, or in this case, use. The price is€10, $13 USD. According to Electricpig, the PlayMemories Studio will offer up cropping and zooming tools, slow-mo, and a load of sound and visual effects.
No news on a US launch yet, but I expect it to arrive later this year in a similar package.