Share Play is Update 2.0's signature feature, which was first announced during the console's reveal event in February 2013, and caps gameplay resolution for guests to 720p.
Sony demonstrated the feature at an event in their London offices which was attended by Eurogamer. Two players used a wired internet connection and graphics quality is said to be impressive with no lag, but this will depend on the speed of users' internet connection. Share Play is said to work in a similar way to Remote Play with PS Vita, and is straightforward to connect to.
Sessions are limited to 60 minutes, but you can simply restart another session afterwards and while the host needs a paid PS Plus subscription, the guest does not. A two player game of FIFA via local multiplayer games through Share Play is possible, but in this instance both players would need a Plus account. This restriction is in place to prevent griefing.
YouTube functionality will in place from tomorrow, and you'll need a Google account connected to your PlayStation account before you can publish. Another feature includes themes, but they are basic colours at this point, while other themes will come later.
The number of apps visible on the home screen has now been limited to 15, with everything else moved to the library and categories now split apps based on what they do. Sony is aware of requests for folders, and they're looking into it.
Live from PlayStation has been overhauled so it's easier to follow streamers, you can search for streams by game now, and there's also a picture-in-picture feature. Downloads can now be paused, and voice commands are now listed too.