Here is the list that is detailed in the blog post.

Easily the biggest additions in the update are the increased online storage, the events and the communities.

1 GB of online storage is not a whole lot in the grand scheme of things, but it largely depends on how large your game library is. Most save files for PS4 games are about 11 MB each and usually each game will have a save file for game progress as well as one for user preferences, so it really ends up being around 22 MB per game. If you do the math, that’s roughly 45 games worth of space, which seems like a decent amount, but if you are factoring in the free games that come with a PS Plus subscription each month, the space can quickly get eaten up.  

The events and communities additions are clearly targeted at heavy hitters like Destiny, Call of Duty and Final Fantasy XIV. It’s pretty cool that Sony is trying to encourage gamers to get social by making multiplayer lobbies more intuitive.

Some of the other features, like video clip sharing to Twitter are simply evolutions of current capabilities but others, like requesting to view gameplay have already been utilized successfully by other platforms like Steam. Regardless, all of these features will continue to evolve and shape the vision that Sony has for its PlayStation 4.

There is no official release date for the update, but it’s a safe bet that it will land some time before the end of the year.