Sony Computer Entertainment has just made available for download the 1.74 firmware for the PS4 in all regions (Europe, United States, the Japan and Asia). The size of the update is 194 megabytes.
The announcement only refer to "the stability of the system for the use of certain features have been improved." Therefore, we will have to wait for the 1.8 version for new features. This new version is rumored to be out in time for the Gamescom in mid-August and should add multimedia functionality that would allow the PlayStation 4 to finally read any video file format.
In the meantime, leave your PlayStation 4 ON since this update is mandatory to access Sony Online service.