Sony PS4 system software 8.03 has been released. Several new features have been added but support for Windows 8.1 has been dropped.
One feature of interest is support for up to 4TB system disks. While hard disks have stalled at 2TB, the SATA SSD has 2TB and 4TB models available. The 8TB SSD is painfully expensive and nobody has tried one yet.
Yanking the hard disk is not hard and many have installed larger disks in their PS4. All that is needed is a USB stick with the firmware to factory reset the console. You need to connect your controller with USB.
SATA SSD are less expensive now so swapping out the old hard disk for a SSD makes more sense. Even the 1TB SSD is a big step up from the OEM hard disk but the 2TB SSD is a real game changer.
The PS4 OS is not that big but keeping a USB stick with the recovery makes sense. Other USB sticks can be used to copy game data for backup etc.