The USB flash drive provided is FAT32. When downloading the file from the PS4 website. Make Sure you scroll all the way down and download under Perform a New System Installation. The file is aproximately 900MB (do not download the smaller file of the two). Put the file in the USB Flash Drive must be in the correct folder and in this order. USB>PS4>UPDATE>PS4UPDATE.PUP
Please take a look at our step by step guide.