When Sony announced the PlayStation 4 last year, they described a gaming console that was built around multitasking. There were 2 types of multitasking shown:

1. You could exit a game, go to another app (like Netflix or the PSN), and switch back and forth seamlessly between them.
2. You could pause a game, put the PS4 in stand-by mode, and resume your game without any load times when you turn the PS4 back on.

Sony only ended up shipping the first type of miltitasking with the PS4 launch last November, but many people were hoping the second type was coming in today's 2.0 software update. Tragically, that seems not to be the case, but Sony does say this feature is still on their roadmap.

According to Sony's Murray Hume:

There's nothing to announce today, we haven't stopped working on it.