Here's the summary of what's new:
- PlayStation 4 Pro owners can stream via Twitch in 1080p at 60 frames per second.
- The system's master and sub account systems has been overhauled. New family accounts an feature multiple adlt accounts in a single family, able to act in a parent / guardian role and set parental controls on a per-account basis, allowing each sub account different communications, content-viewing, and spending limit privelages. Requets can also be sent to adult accounts on other PlayStation 4s to join the same family.
- Players can follow any user.
- Notifications have been added to the Quick Menu. Uploads and downloads status can also be checked here.
- Push notifications for events.
- Specator comments on screen while broadcasting in virtual reality mode.
- Broadcasts can be linked to a PlayStation Community.
- Language support for Czech, Thai, Greek, Indonesian, Vietnamese, Romanian and Hungarian.
- Behind-the-scenes support for bundle and compilation discs, with or without add-ons, and discs which support games and add-ons (such as a "Game of the Year Edition"), which do not require developers rework any code.
Source: First PS4 system update 5.0 details - Gematsu