Rails 4 introduces several new features including improved security, speed, strong parameters for mass assignment protection, Turbolinks for faster navigation, Russian doll caching and cache digests for optimized caching, ActionController::Live for streaming data from controllers, and an improved upgrade process from Rails 3. Key features are stronger security defaults, a focus on performance by leveraging Ruby 2.0, strong parameters to replace attr_accessible, and Turbolinks is now included by default to speed up navigation by updating only parts of pages with Ajax.