The promised Assassin's Creed 4: Black Flag Title Update 2, the one that adds native 1080p support and antialiasing on PS4, has been released. Ubisoft confirmed the update's release on Twitter, while detailing the actual contents of it last week.
The noticeable improvement is, of course, native 1080p as opposed to the upscaled 900p the game shipped in. Prior to the update, you may have noticed the game was slightly less crisp, but a "tiny bit" smoother.
As Ubisoft explained previously, the game was initially shipped in 900p in order to deliver a "visually brilliant game at a steady 30 frames per second." The original 900p allowed for this; however, the time between the ship date and now allowed the devs to focus on an update that allows for native 1080p resolution on PS4 along with 30 frames per second.