Sony have tweeted to confirm that the new system update (v1.70) for PlayStation 4 will hit on April 30. It's a major update that will improve share and video features tremendously with the introduction of video editing tool ShareFactory and allowing for transfer of images and video capture via USB. It also allows you to disable the HDCP protection allowing you to capture footage using external capture cards.
In addition to this Update 1.70 will add pre-loading of pre-ordered games, where you'll be able to start your download up to four days ahead of the release. And much requested feature.