One of the first upgrades is the addition of the lossless audio codec FLAC, which will upscale non-FLAC music to higher audio quality. Both MP3 and AAC music files will benefit from this, giving compressed music better playback quality through the PS4.
If you have PlayStation VR, then you can now watch 360-degree videos and photos. You will of course need to have some in the first place.
What do you think of this update?