This patent application was filed way back in February of 2011, so I’m unsure of what, if anything, ever came of it. Microsoft calls it “life streaming,” which I think is very poor name and suggests something very intrusive, but I can see where they’re going with this. The patent refers to “life experiences” several times. I think Microsoft’s idea is simply that you’d want to have certain moments documented, but you wouldn’t necessarily know when that moment is coming.
Good intentions aside, having your life continuously recorded would be a huge blow to privacy. Even if you yourself didn’t “stream” your life, you won’t have a choice in what others around you do.