I updated my iPhone yesterday and iPad today- there's not really a great deal of noticeable difference between 7.06 and 7.1 on the iPad - the letters on the keyboard are darker, as are some icons, there are more options to change transparency of folders, and other similar tweaks, but I haven't found much else different yet.
On the phone, the keypad has changed with smaller round call and answer buttons, Siri has new voices and there's a link on the lock screen to make an emergency call without entering the passcode, which I don't remember before.
Haven't really noticed anything else yet.
My phone got very warm and went from 100% to 87% in a couple of minutes straight after the update but I did a reset (hold down home & sleep buttons till the apple appears) and since then the battery drain seems to be actually better than before. I haven't seen any difference in battery life on the iPad yet but it's only a few hours since I did it.