If you want to do anything beyond just-play-games on PS4 at launch, you'll need to download and install the 1.50 patch. While you will be able to update directly from the PS4 console, you can get avoid congested launch day servers by downloading it in advance on to a USB drive now.
You'll need a 1GB flash drive, as the standalone installer clocks in at over 800MB. You can download the file here.
Follow the directions and then stick that flash drive into your PS4. From System Settings, you'll be able to select Update System Software and install the update without your system ever connecting online.