The PS4 system software update v5.0 could bring a host of new features to Sony’s popular black box. We could see the PS4 gain features like access to PSOne Classics, the ability to hide or completely remove items from library; the ability to delete items from your library, the introduction of a store wishlist; an increase in the maximum number of people allowed in a party, and, the ability to change your PSN ID.
PSOne Classics means you could play old titles from Sony’s debut console on the PS4. How this could be implemented remains to be seen. In the past, PSOne titles like Final Fantasy VII were made available for the PS4 with some modern upgrades like removing all random encounters and the ability to speed up the game. A year later, Sony revealed that select PS2 games like Grand Theft Auto: Vice City could be played on the PS4 with trophy support and modern graphical touches. Previously a patent was spotted that allows Sony to add trophy support to PS1 and PS2 games
Adding a store wish list as well as changing your PSN handle have been oft-requested features, which also goes to show how far behind PSN is compared to Xbox Live and Steam.
The reason why speculation is rife on these features making the cut, is a survey that Sony conducted back in 2015. Nearly half of the requested features that users wanted such as notifications and appearing offline are already available for the console, leaving the above functions pending. Having said that, PS4 update 5.0 will be in beta at the end of the month and should hit all owners mid-August.
Past PS4 firmware updates such as 4.50 codenamed Sasuke added external hard drive support as well as unadvertised functionality such as Boost Mode.