Redis 4.0 will include several major new features and improvements including PSYNC2 for better replication, UNLINK for non-blocking DEL operations, and modules to allow building additional functionality on Redis. Streams will be a new data type in Redis 4.2, providing an abstract log file structure for ordered, timestamped entries that allows for efficient random access, deletion of old data, and multiple consumers similar to Kafka. Streams are designed to address use cases like time series data and message queues more efficiently than existing Redis data types.