Following their previous revision, Sony has now released a PlayStation 4 System Software / PS4 Firmware 4.07 Update which once again improves the quality of the system performance (aka patches exploit security holes). 
Download: PS4 Firmware 4.07 Update (US) / PS4 Firmware 4.07 Update (EU) / PS4 Firmware 4.07 Update (UK) / PS4 Firmware 4.07 Update (AU/NZ) / PS4 Firmware 4.07 Update (JP)
Main features in version 4.07 update
As usual when Sony releases a new PlayStation Firmware update and the passphrase goes in limbo mode, the PSProxy v4.1.0.0 PS4 Update Bypass by @RedEyeX32 appears to be working again for some and @VultraAID notes that 4.06 is still 'required' only not 4.07 to get on PSN yet.
The 4.07 update's XML looks a bit different with Product IDs added:
Below is a picture of the older XML @VultraAID is currently using that allows PSProxy to work alongside some GIFs of it in action.
If you haven't updated your PlayStation 4 Firmware yet, we advise NOT to with vulnerabilities including the Chaitin Tech PS4 Exploit and PS4 Pro 0Day Exploit still lurking behind the scene. 
Thanks to @VultraAID and @Nesterwork for the news in the PSXHAX Shoutbox!
Download: PS4 Firmware 4.07 Update (US) / PS4 Firmware 4.07 Update (EU) / PS4 Firmware 4.07 Update (UK) / PS4 Firmware 4.07 Update (AU/NZ) / PS4 Firmware 4.07 Update (JP)
Main features in version 4.07 update
- This system software update improves the quality of the system performance.
The 4.07 update's XML looks a bit different with Product IDs added:
Below is a picture of the older XML @VultraAID is currently using that allows PSProxy to work alongside some GIFs of it in action.
Thanks to @VultraAID and @Nesterwork for the news in the PSXHAX Shoutbox!