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Appear Offline
On your Profile tab, Quick Menu and login screen, we’ve added a new option called ‘Online Status.’ From here, you can choose to ‘Appear Offline.’ This could be useful if, for example, you want to fully concentrate on your game or watch a movie without interruption. You will remain ‘offline’ until you chose to change your setting. Don’t forget to turn it back on to fully experience your PS4.

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Friend Online Notification
Now you can choose to get notified when your friends come online. To receive notifications, access your Friends profile, press Options, and select ‘Notify When Online.’ For quick management of your entire Friends list choose to ‘Select All’ or ‘eselect All’ of your friends via Settings > Notifications.

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User Scheduled Event
On the Events tab, we’re adding the ability to schedule gameplay sessions with your friends. Just select ‘Create Event,’ and you’ll be able to make an invitation for an upcoming gameplay session. Choose the day, time, game, and send it to individual friends or a Group. When your event starts, users who registered will automatically be added to a Party so you can start playing right away.

You can also share an event to a Community. Once shared, the event will be posted to the Community wall and members can register from there.

User Scheduled Events can also be created in the PS App.

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Play Together
This feature allows all members of a Party to see what each person is playing so that you can easily join a friend’s game, or start a new game together.

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Remote Play (PC and Mac)
With this update, we’re expanding PS4’s Remote Play capabilities to work with PC and Mac giving you more freedom and flexibility to play your PS4.

Remote Play on Mac / PC is compatible with the following system software:
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Broadcast
You now have the option to broadcast to Dailymotion.

Social Improvements
Share your friends’ best moments to your feed for everyone to see…spread the glory. You can also tag players when you Share videos and screenshots to Facebook and Twitter, make sure your friends don’t miss out on any of your great gaming moments – tag ’em!

PSN Status
To quickly check the status of the PlayStation Network Services, you can view this via Settings > Network.

Teen Account Creation
Teens (aged 13 – 17 years) can now create their own account and start playing in offline mode until parents approve the account and complete the parental control set up at their leisure.

PlayStation Plus Hub
Plus members can now enjoy easy access and management of their online storage. You can also see from your PS Plus Games which of your friends also play your monthly Plus games.

PS App
System software update 3.50 for the PlayStation App is also out tomorrow. This update offers PS App users some of the same great new features outlined above. Enjoy PS4 and PlayStation experience more easily and more conveniently, anytime, anywhere.
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That’s a look at some of the big additions in this update. Of course, there are lots of other refinements and improvements to the system software overall. Download it tomorrow, and enjoy!

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Any reasons not to download the new update?

This update is the best one yet. Why wouldnt you want to download it...? I'll give you 3 good reasons to download it.

1) You finallly get a notification when friends get online. This should have been put into the PS4 when it came out
2) You can remote play to a PC/Mac. So say bye to capture cards. You can just simply record your remote play on your computer and edit it later. You dont need a $300 capture card to record your gameplay anymore.
3) You can play online but set yourself offline. That way you wont get spammed with party invites while just trying to play by yourself