The biggest change about DNF 0.4.7 is the introduction of an API. DNF is finally beginning to formulate an API for extension/plug-in developers to extend the functionality of the core package management system. The DNF package manager API isn't yet stable or complete, but it's a first step and will be built upon in the releases ahead.
Aside from the API introduction, DNF 0.4.7 just has some bug-fixes. More details on the 0.4.7 release can be found from the DNF blog.