1.4 is a good final update, but it isn't the best. Personally, I believe 1.3 was the best update with 1.2 being the 2nd best. 1.4 added some nice finishing touches to the game and enhanced progression. It did not add any major bosses, events, or new tiers of progression, and it didn't need to anyway
I truly think the new QoL features are the best thing about this update; these including: block-swap, the Void Bag, and pylons.
One of my most favorite features is the luck factor. It is a small touch to the game but has such a wide pervasive affect in the game, most apparent in the obtaining of items.
I don't mind the new buffs/nerfs, in-fact, I feel like it is quite incomplete at the moment. Many items including the Dao of Pow, Blood Crippler, Blood Thorn, and Nettle Burst still need buffs or changes. I really don't like how the Yo-yo class feels like an inferior sub-class of melee, especially in the late-game with the Terrarian being vastly overshadowed by the Zenith.
I really enjoy the new world changes they added in 1.4 including: oases, ocean tunnels, the revamped underground desert, the new shining moss, and the massive mushroom biomes.
I like the texture changes, the visual flare and animations added to the background, and the new environmental improvements they added to the game as well.
The new blocks/walls in the game (especially Echo Block) is quite nice for builders.
Journey Mode is a nice feature, but feels quite unpolished. I wish items were better organized, and I hate scrolling down a long list of items that are barely related.
The Bestiary is a cool addition, but is tantamount to the addition of achievements, adding no real features to the game besides a method to obtain the Universal Pylon.
Currently, Master Mode feels quite vapid, only making regular mob NPCs harder to deal with and adding some decent items.
I like the addition of EoL and the challenge it provides, but fighting it isn't really essential to the progression to the game. I would argue that fighting QB or Duke FIshron is more important than fighting EoL, the former giving great weapons/equipment and access to an NPC while the latter provides very useful weapons. I do not think EoL drops (with the exception of the Terraprisma) are so good that they warrant fighting EoL after Plantera or before ML. QS is a useless boss and there is no real point in fighting it.