As memory gets cheaper people will start to record everything they experience. I predict audio in about 5 years and video in 10.
Audio recording already exists with personal notetakers where you push a button and speak into the microphone of a tiny, handheld device. Just add memory to that and keep the recording going all your waking hours. The technology already exists to avoid recording when there is nothing going on.
Video recording has had some experimental tryouts since the early 80s (see Wikipedia for a history). Portable recorders are making progress but still lack memory and battery capacity to last a whole day. The other “problem” with video is that if it is fixed to your body you will not see yourself in the video. So social liferecording will become popular where you swap clips with your friends to that you get their recorded views of you.
All the recording technology is well on the way. Also, storage technology to keep the mountain of data will continue to advance. However, with the amount of audio and video that you will collect, search technology will be equally important so that you can find “experiences” in the data you collect. Strides are being made in this area. For example, podscope does a very good job of searching for words in audio and video podcasts.
Once this is all in place it will have many effects on society. For example, going back to an original conversation with have legal ramifications as well as settling many “he said, she said” arguments. Capturing other people nearby will also raise privacy issues and make the lives of celebrities even more “available” to their adoring fans.
Hopefully the search technology will help parents with the mountains of recordings they will have of their children as they grow up and, of course, that will mean that those children will never be able to get away from those endearing incidents they were involved in when they were young. A new industry for packaging childhood “memories” will emerge. Probably there will also be a similar one for stealing data and extracting extortable “memories”.