After a long wait, Riot has finally shared the first look at Valorant's Replay System which is currently in works. Marcus Reid, Valorant's Tech Lead, shared a freecam view from a prototype build of the Replay Sytem and you can have a look at it below.
However, Marcus also clarified that it is nowhere near launch as they have multiple challenges in front of them related to maps, abilities, weapons, and visuals. You can have a look at an example below:
"Valorant’s gameplay is built from thousands of these individual assets that all need to be audited for correctness and possibly adjusted to be correct in Replay scenarios. And we need to do all of that work without breaking anything in the live game. So yes, we're taking our time to make sure that we get it right," Marcus explained the delay in Replay System's launch.
Riot will give more updates regarding the Replay System in the future.