Yocto Project release director Beth Flanagan writes:
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I am pleased to announce the availability of the latest major release of the Yocto Project, "dylan". gpg signed release notes are available at:
http://downloads.yoctoproject.org/releases/yocto/yocto-1.4/RELEASENOTES.txt
The kernel.org sync is not quite complete, but should finish in the next few hours.
Congratulations to everyone for a successful release!
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The release is available from the release notes & download page as well as from your friendly local git server. This release provides over 400 bug fixes and a bunch of new features and improvements:

• Performance improvements: The overall build time has been
  reduced by more than 10%. Kernel build time is reduced by
  about 25%. With rm_work enabled, 40% less storage will be
  used for the tmp directory.
• Support for Wayland, a simpler alternative for X.
• Support for systemd, a replacement for system V init daemon.
• Support for postinstall scripts to run at roofs creation time,
  which will reduce image boot time.
• Support for both the Linux 3.8 kernel and LTSI (3.4) kernel.
• Replace Zypper/RPM integration with a smaller/better package

resolver/manager - SMART/RPM.

• Support for read-only root file system.
• Usability improvements to HOB, bitbake, yocto-bsp and other
  tools, including UI improvements, new features and bug fixes.
• Documentation improvement/update and a new kernel development
  manual and profiling manual.
• A complete rewrite of the yocto-autobuilder to allow for easier
  configuration, faster build times, and easier to maintain code.
• Do you desire time proven technology? The meta-yocto-classic
  layer is now available from either the Yocto Project PVCS
  repository or in 38 3.5" floppies from Walnut Creek. Features
  include:
  • ext or minix filesystems
  • lilo or loadlin boot loaders
  • Linux kernel 0.99pl14. No more worrying about loadable modules!
  • a.out binaries as the standard executable file format
  • OSS comes as the standard sound system
  • ksh, tcsh, twm, pine, rn, mailx, mc and many others...
• Many package updates for most of the packages.
• Many bug fixes and stability improvements.