Sony has detailed several of the features that will be included in PS4 update 2.0. This update will add Youtube video uploads, Share Play, and lots more.
The Share Play functionality will allow PS Plus members to invite their friends to play a game together, even if they don't own the game or haven't download it. In addition, you can also ask your friends to take over your controls to help you in specific part of a game, just like if he was standing next to you.
"Whether it's asking a friend to take over and help them overcome a particularly tricky section of gameplay or having them join in a game of intense multiplayer, Share Play is a completely new way of sharing these interactive experiences with friends," said Sony.
This update will also focus on video share features, with players being able to upload their recorded videos directly to Youtube. In addition, the option to search for your friends by looking their name instead of their PSN ID has also be introduced. This update will include many other features, but Sony decided to reveal them later.
PS4 system update 2.0 will be available this Autumn.
Source: Playstation Blog