Live From PlayStation has been added which allows you to view videos being streamed. However, certainly on Android, Ustream videos open in a browser built into the application, whereas Twitch will launch in your standard browser. Hopefully the integration will be improved in due course.
Video notifications from the PlayStation Store are supported – you’ll find them under the “What’s New” section of the home screen.
Lastly, apart from some stability fixes, the update promises to not pull your PS4 out of sleep mode when you open the app to, say, accept a friend request.