Most update features are in hopes of helping PS4 users connect with their fellow gamers. Not all updates have been released, likely for that reason, but the PlayStation blog has released some of the highlights.
Online storage capacity is increased from 1GB to 10GB for all PS Plus members and a usage meter to monitor your storage. Live stream your gameplay to YouTube and YouTube Gaming apps and websites. Send and receive “Request to Watch” notifications to observe gameplay and start a live broadcast. See what your friends are playing, join their games, and create a party with Now Playing / What’s New. Quickly access users you play with the most with Favorite Groups in the Friends app. Be notified of any special events, activities, and official broadcasts for your favorite games in a new Event Hub. Connect and share with other users via Communities. Share 10 second video clips to Twitter. The Live from PlayStation app has been updated for easier access to live broadcasts. Use stickers in chat.
PlayStation did mention that there is a chance that not all of these features will make it to the final launch.
