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Rocketjay8 on 18 October 2017
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    Improvements Included in Version 4.0.0

  • Video capture for select games
  • New profile icons featuring characters from the Super Mario Odyssey™ game and The Legend of Zelda™: Breath of the Wild game
  • Transfer user profiles and save data to another system
  • Pre-purchase option is available for certain games on Nintendo eShop for Nintendo Switch

Source:https://www.nintendo.com/switch/system-update/

You can now transfer save data and your profile. You do require two switches in order for this to work, but at least your saves aren't permanently stuck on one device.

Here is the full list of the update:

Improvements Included in Version 4.0.0 (Distributed 10/18/2017)

Added the following system functionality

  • Capture video on select games
    • To capture video, hold down the Capture Button during gameplay
    • Up to a maximum of the previous 30 seconds will be saved in the Album. You can trim the beginning and end of each clip, and post to Facebook and Twitter.
    • As of October 18th, 2017, this feature is compatible with The Legend of Zelda: Breath of the Wild, Mario Kart 8 Deluxe, ARMS, and Splatoon 2
  • Select from 12 new Super Mario Odyssey and The Legend of Zelda: Breath of the Wild icons for your user
    • To edit your user icon, head to your My Page on the top left of the Home Menu > Profile
  • Transfer user and save data to another system
  • Pre-purchase option on Nintendo eShop
    • A pre-purchase option will be available for certain games. This option allows pre-load of the game to your system for quicker play when the game is released.
    • This feature will be supported by future game releases
  • News channel updates
    • The news feed has been updated with a new look.
    • Unfollowing a channel will remove that channel's content from the news feed and following the channel again will make it reappear.
  • Match software version with a group of local users
    • To create a group, head to the software's Options > Software Update > Match Version with Local Users
    • Everyone's software will be updated to match the most recent version in the group
    • All users must be on system menu version 4.0.0 or later to view and join a group

 

General system stability improvements to enhance the user's experience, including:

  • Changed the specification which hid wireless networks using TKIP security from the network search results. Wireless networks using TKIP security will now display in search results as a grayed-out selection instead of not being displayed
    • The Nintendo Switch console supports WEP, WPA-PSK(AES), and WPA2-PSK(AES). If your router is using a different security type (e.g. WPA-PSK(TKIP)), you will need to change this security type within your router's settings.

 

http://en-americas-support.nintendo.com/app/answers/detail/a_id/22525/~/nintendo-switch-system-updates-and-change-history