One of the most substantial updates to date.
Today, Sony has revealed a bunch of details regarding PS4 system software 4.0, codenamed Shingen, and it'll be adding plenty of oft-requested tweaks and features to the console.
Perhaps most notably, this is the update that finally adds folders, allowing users to customise their library layouts to better suit their needs. Additionally, the existing games and applications folder will focus on what is currently installed on the system, which will heavily de-clutter the user experience. As someone with a silly amount of software on my PS4, I've wanted something like this for ages, and I'm really glad it's finally being added. At the very least, I now have a way to hide those demos and betas I'll never use again.
Additionally, the UI has been heavily updated, which Sony describes as follows:
We’ve made a lot of adjustments and improvements to PS4’s main user interface. That includes some changes you may notice right away, like new system backgrounds and a revised What’s New tab, to smaller changes like updated popup notifications and redesigned system icons. As a whole, it all adds up to a more refined and easy to use UI. The overall look and feel of the UI remains the same — it just has a fresh coat of paint.
There are some other cool changes, such as increasing the maximum length of shared videos on Twitter from 10 seconds to 140, but you can get the full rundown right here.