At work at the mo but redeemed the code from my phone. There was a "I agree" tickbox before getting the code but to be honest I didn't read! I expect it to be more a case of agreeing to it being beta firmware and so may crash your console etc
I assume he wants to store music files etc. directly on the PS4 itself, like on PS3.
I doubt that will ever come though, I advise to use Spotify or stream your music from your PC/media server onto the PS4.
You must keep confidential all information relating to the beta software and the beta. You must not discuss the beta with anyone except us and other people taking part in the beta ("Beta Testers"). In particular, you must not discuss the beta with anyone associated with a competing videogame format or publisher, a news or information service (whether television, magazine, newspaper or otherwise) or in any online forum or chat room, other than our official beta forum. Any codes or passwords which give access to beta software or beta forums are personal to you and must not be shared with anyone else