Not that this is a surprise to anyone, but Sony can monitor your voice communication and will do so. What separates this from others from the past is that they're not saying it's because of law enforcement. They're doing it for their own reasons. I'm not to sure how well that will sit with some people. With the uproar people made about the Xbox One sending pictures of your randomly to their servers, which was proven false, how will the masses react to this? Will people be OK with Sony listening to your conversations at their choosing for their own reasons and not because of law enforcement forcing? via Polygon and Sony (full ToS).
14. Are we monitoring PSN?14.1. Yes but we can't monitor all PSN activity and we make no commitment to do so. However, we reserve the right in our sole discretion to monitor and record any or all of your PSN activity and to remove any of your UGM at our sole discretion, without further notice to you. Your use of PSN and our community features may be recorded and collected by us or sent to us by other users as described in 13.1. Any information collected in this way, for example, your UGM, the content of your voice and text communications, video of your gameplay, the time and location of your activities, and your name, your PSN Online ID and IP address, may be used by us or our affiliated companies to enforce these Terms and the SEN Terms of Service, to comply with the law, to protect our rights and those of our licensors and users, and to protect the personal safety of our employees and users. This information may be passed to the police or other appropriate authorities. By accepting these Software Usage Terms, you expressly consent to this.