Included in the update is:
Second Screen Support
Game play capture and share support
Broadcast/spectate gameplay support
Play as you download
Multi-login support for up to 4 users
Face recognition & voice command support
Background music player support
Online Multiplayer support
Blu-ray & DVD playback support
Beyond all of the 1.50 System Software features and additions, Sony has also release an iOS and Android application for free. The app does a number of things like see what your friends are playing as well as compare trophies/games played.
With the app you will also be able to chat with your friends and receive both game alerts and invites. If that isn’t enough you can Browse the PlayStation 4 store. You can also use the app to take advantage of the second screen support that is offered in the 1.50 system software.