Skimming through the patch notes the ranked stuff is the biggest news (although I am unsure whether I will be coming within 50 feet of it until I work out how to deal with 3d space better in this game). The PS4 stuff is an online play update which adds the option for PC players to filter Playstation 4 players out of matchmaking searches.
Rankings are based on rank points which you gain or lose based on player skill rating, teammate skill and opponent skill. You;ll get assigned a ranking based on your pre-season skill rating if you participated in that. Not sure what happens if you didn't participate but I'd assume it puts you in the unranked division and you work your way up from there. Gaining 100 of those rank points pushes you into the next division but dipping below 0 points puts you back down a division. Platinum is the highest and means you're one of the top 100 players. There's no actual end date set at the moment but season 1 will last a few months.
But what else? Well, you can read the full patch notes here but here's a thing that stood out to me:
You can now adorn your antenna with a range of new community and country flags (community is stuff like the MLG or Razer branding). I confess I wasn't aware of "Puntland" before and wondered if it was a reference to punting the ball and thus the pitch was Puntland. It's actually a region of Northern Somalia which has declared itself an autonomous state. Apparently the name is based on that of an old kingdom, which may have been located in the same area and traded with Egypt, called the Land of Punt. The flag's one I rather like the look of:
Apparently the top stripe is taken from the flag of Somalia, the middle one is for peace and stability and the green one symbolises natural wealth.
Oh dear. I'm going to spend the rest of the day looking at flags, aren't I?