And, to be honest, it's kinda "meh". Those awesome features you've been wanting are still just the stuff if dreams. Here's what it does offer, though:

Improvements Included in Version 5.0.0

• Facebook and Twitter friends that also use Nintendo Switch can now be added through Friend Suggestions
• Using the Nintendo Switch Parental Controls app, add specific software titles to your whitelist to exclude them from the console's Parental Controls Restricted Software setting
• Captured videos in the Album will be restricted by Parental Controls depending on the Restricted Software setting and Software Rating Organization
• To keep the Parental Controls PIN private, the default method for PIN entry has been changed to entering using the Control Stick and buttons instead of the on-screen number pad
• Select from 24 new ARMS and the Kirbyseries icons for your user
• Digital software purchases made from a PC or smart device will start downloading sooner than previously, even if the Nintendo Switch console is in Sleep Mode
• Receive notification when pre-purchased software is ready to play
• Filter News to view only unread news or news from specific channels
• Nintendo Switch Pro Controller grip colors will now display in the Controllers menu

http://www.eurogamer.net/articles/2018-03-13-nintendo-switch-system-update-5-0-doesnt-live-up-to-its-big-new-version-number

Enjoy?

I predict it the features people want will come out WITH the online service rather than anytime before.  This way they could play the card that these features are "new" and therefore sell them as part of the subscription service.

If those features were free for a long period of time, many would complain about how it used to be free and now it isn't.  It would be an utter mess, despite letting us know the sub is coming.  The same thing happened with the PS3.  By the time PSN was up to snuff, all major functionallity was already free and remained free as there would be an uproar if they had charged after x amount of years for free.

Then the PS4 came out.  New console, seperate infrastructure, and no longer free from the start.  Even then there was a minor uproar over it (but it was still better than what MS was doing at the time, so yeah).

These Switch Service and PSN from the PS3 days may differ slightly in execution, but the concept of moving from free to paid is very much the same.

Facebook friend adding is long overdue, but most people I know didn’t get a Switch until recently. So only a little overdue for me, personally speaking. the 

I really wanted Arms characters to be available for the user icons, so that's nice...

I mean, these are all fine, logical additions, but there are two areas Nintendo really should be working on as a priority:

1) Save back-ups, whether to a micro SD or to the cloud.
2) the eShop's storefront

Point 1 is basic functionality that users should have in this day and age, and the second becomes a bigger priority every week. I love how snappy Switch's UI is (and how snappy the eShop is), but at times there are 20 new releases a week, making visibility a real problem. More categories and tailoring the eShop to each person's account ("recommended for you", "genres you like" etc) would be good steps.

Fingers still crossed that they finally introduce an achievement system.

Being someone that has an account for each region, the news channel changes are a nice addition.

Nice, but the OS still has a long way to go.

And then we just don't get any of the basic features but still have to pay, this unfortunately is a very real possibility.

People complaining are not Nintendo's concern because they're already doing that with online play being free now but then paid. I think that we don't already have such basic features is either due to incompetence, or they just don't want to implement them.

My feelings can be summed up in a gif....