Sony has revealed via the PlayStation Blog that the latest firmware update (5.50) is launching today. This major new update will introduce lots of improvements across many different areas of PS4.
Some highlights include being able to upload custom wallpapers via USB to your PS4, parents (or whoever is in charge of the family settings) will be able to set playtime, new tabs will make it easier to organise your library (there's now a PS Plus tag for instance), it adds supersampling mode to PS4 Pro and improvements in notifications and tournaments.