Waypoint version 0.4 introduces significant new features, including mutable deployments, which allow for updating existing resources rather than creating new ones, and platform health reporting, enabling teams to quickly take action based on the health of their applications. This update also includes enhancements such as templating, JSON processing, and improved Docker support, as well as bug fixes and breaking changes, including the removal of the Netlify plugin. With Waypoint 0.4, developers can build, deploy, and release their applications with a single file and command, using existing HashiCorp tools and configuration files to streamline their workflow.