The new feature is plainly called iPhone Migration, and it allows you to directly transfer files, apps, and settings from one iPhone to another. With iPhone Migration, you are no longer at the whim of iCloud servers or have to deal with the speed of your internet pipe. Instead, Apple will allow you to make a direct [assumed Wi-Fi] connection between devices to make "cloning" your device a quick and simple process. Depending on the speed of your wireless network, we could be talking about mere minutes to restore an iPhone, although we haven't had a chance yet to test out this feature.
As it currently stands, most iPhone owners use iCloud, which will create at least one complete backup of your device per day when it is plugged into a wall outlet and connected to Wi-Fi. When upgrading to a new iPhone, users will then restore from an iCloud backup which can sometimes take 30 minutes to an hour or more depending on how many apps you have installed and how much data those apps take up on iCloud.
Apple has also made some enhancements to Apple News, including the ability to access downloaded issues offline and online via the My Magazine section. Apple also makes mention of a fix for the exploit within the Walkie-Talkie app, which we talked about earlier this month. This fix is also incorporated into watchOS 5.3 which was also released today.
iOS 12.4 is expected to be the last major update for iOS 12, after which it will be supplanted by iOS 13 this fall. iOS 13 brings a number of new features including a systemwide Dark Mode, faster app downloads/updates, faster Face ID authentication and a revamped CarPlay experience among other updates.