iOS 7.1 is currently scheduled for release in March according to 9to5Mac. Although we have been waiting a while for it's release the update is said to include numerous bug fixes and slight tweaks to the iOS 7's user interface. Apple has been reported to have distributed the fifth beta for the update to registered iOS developers so judging by this "9to5Mac's" estimation isn't by any means unreasonable. The site recently reported on some of the visual changes of iOS 7.1 including the betas. Apple has made slight changes to the phone dialler, Music App and users have now been given the option of being able to turn off wallpaper motion, or the “parallax” effect, while keeping folder animations still turned on.
More important than any of the visual changes in stall, iOS 7.1 is also said to entail significant bug fixes. Apple has previously said that they have been working on a fix for a issue that has been causing devices to randomly reboot since the original launch of iOS 7 almost five months ago. Users can look forward to those stability improvements in iOS 7.1. Although 9to5Mac say's that Apple does not plan on revealing any major surprises for the release. The site how ever speculates that Apple may choose to announce the update during a press event next month, which may also serve as the introduction of a new Apple TV set-top box.
For me personally I'm more than happy for a update for iOS 7 since my phone has been malfunctioning like crazy lately.
Source : http://9to5mac.com/2014/02/07/apple-currently-plans-to-ship-ios-7-1-in-march/