Well, the update is apparently coming "very soon" and will include a couple of additional features which Sony revealed in depth last night.
SHAREfactory is an advanced video editing and sharing tool that allows PS4 gamers to edit and create customized gameplay videos, which can then be shared or saved to a USB drive.
Sony also revealed that 1.7 will include the ability to pre-load digital purchases, so on launch day, buyers can instantly access their content instead of waiting for it to download. More info at the PS Blog here.
Check out SHAREfactory below in action.
SHAREfactory: Share your greatest moments, your way
Source : PlayStation Blog