The PS4 system software 3.00 update (codename Kenshin) will be going live tomorrow according to a post on the playstation blog from Sony’s VP of Platforms Marketing.
The Kenshin update is a big one adding several new features, including the ability to stream directly to Youtube, upload 10 second videos to Twitter, and giving you the option to take screenshots in PNG format. The update also gives a specific section of your dashboard for PSPlus management, including a new 10GB cloud storage (originally set at 1GB), and a new community hangouts and events section for your games.
This is only just the surface of the update, but you can check out the Playstation Blog to see and expanded list with details about each new feature.