The PlayStation 4 will require a day-one patch to add a number of features to the console at launch, which does not include the ability to put the console in sleep mode, Sony announced today.
Update 1.50 is approximately 300 MB and will add promised features including:
- Remote Play using the PlayStation Vita
- Second screen gaming using the PS4 Link app for PlayStation Vita and mobile devices
- The ability to record and share screenshots and video
- Use of Ustream and Twitch apps
- The ability to play games as they are downloading
- The ability for four users to log into the PS4 simultaneously
- Party chat
- Facial recognition and voice commands
- A background music player
- Online multiplayer through PlayStation Plus
- Blu-ray disc and DVD player capabilities
At launch, players will be unable to put the PS4 in suspend/resume mode, which will set the console into a low-power sleep state and allow users to jump back into their game when resuming use.
Microsoft’s next-generation Xbox One console will also launch with a day-one patch set to add certain features and functionality.
The PlayStation 4 will launch on Nov. 15 in North America and on Nov. 29 in Europe.
[source]
After Dark Gaming 
Seems like it will be a minimal patch which is a good thing.
Hopefully the patch will be less painful to apply than the Wii U launch day one. I heard some horror stories about that one.
Oh Yea, I remember that one.