Most of the tweaks are solidly quality-of-life improvements, though some are better late than never: You'll finally be able to switch off notifications when watching a movie or TV show, for example. And there's good news for everyone who hates navigating through the menu to see notifications (which is, well, everyone): They're now visible in the Quick Menu.
Sony's post confirms what Eurogamer originally leaked: A more robust family management system allowing for multiple adult users and different permissions for child accounts (letting teens play more mature games than younger kids, for example). The friend list is getting updated, too, ditching the Favorite Groups tab to let users create completely custom sets of friends.
Yes, PS4 Pro owners will get too livestream in 1080p60 on Twitch, but Sony has added other streaming functionality. You can bind broadcasts to communities you own, giving spectators a button that links right to your group. Users now get messages while they're broadcasting in VR mode, too.
Speaking of VR, those watching Blu-Rays or DVDs in cinematic mode get 5.1ch and 7.1ch virtual surround sound when listening on headphones. If you like listening to music on your PS4, you can now share straight to your friends; If they're also on Sony's console, they can pop open the song you sent them in the Quick Menu and listen from there. If they open the message on the PlayStation mobile app, clicking on your message opens the track in Spotify.
Finally, the update brings new languages, and the consoles now support Czech, Greek, Hungarian, Indonesian, Romanian, Thai and Vietnamese.