At times it felt like it may never come to be, but Riot Games has finally released their replay feature for League of Legends to the Public Beta Environment today. That may not mean it's within weeks or even months of a full release, but it's still a huge step. Considering Riot has tended to drop a, "Soon," message once every six months for the past year, we should be thankful they've finally delivered.
The replay system currently in testing is feature incomplete, but what they've got so far is still rather impressive. Upon viewing the list of your recently played games you can select any single match and rewatch the game with the current spectator UI. Any game you've watched in such a manner will then appear in your "Replay Browser," which is accessible via a button below your RP and IP in the client's front-end. The replay browser also lets you rename a replay for organizational purposes.
Sharing replays with friends is also implemented, though it will require a bit of file management. In the replay browser simply right click the replay and then select "Show in Folder." From here you'll be able to copy the file and email it to a friend. Once acquired, all your friend has to do is drag the "*.ROFL" file to their PvP client and the replay will start.
This is a huge feature addition to League of Legends, the last huge feature than fans expect to be done for the game. That said, it's still in very early testing. Such is why it's limited to the PBE for now. If you've got PBE access make sure to try it and tell us what it's like, and don't forget to report any bugs so they can get this thing live already! Hopefully we'll get more information on the system's full release in the coming weeks (not months -- lookin' at you spectator system).