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You've been able to transfer your whole PS4's HDD to another one from launch, this feature seems to allow you to be a bit more specific about what you want to transfer. Although I've got a feeling that was already added in a previous update.

What PS4 needs is for you to be able to use an external HDD like you use your internal one, like an A and B drive.
For PS4 owners to be able to save games to the external HDD and access those saves straight from that drive, simply through USB 3.0.