(UPDATED!) According to the Ask PlayStation UK account, Update 4.70 includes new tournament features!!

So there ya go! If tournaments are you kinda thing, you best to go update.. NOW!!

Don’t go rushing to your PS4 just yet! While the update is mandatory, it really only improves system stability and performance. Stability updates.. FOR THE WIN!!! It comes in at around 320MB, so it won’t be taking up too much space.
As the march to PS4 firmware update 5.0 continues, what would you like to see in the next major update??