After iOS 7.1 announcement today, many of jailbreak fans are asking about iOS 7.1 untethered jailbreak. Actually Apple has injected many new features and tweaks on iOS 7.1 but unfortunately Apple has just patched the hole used by Evasi0n to jailbreak iOS 7.x.x.
Actually in case you are interested on jailbreak and can't live without it, so stay away from iOS 7.1 as you will lose your jailbreak and there is no ETA for the new iOS 7.1 untethered jailbreak
Can I downgrade for iOS 7.1 to iOS 7.x.x?
Unfortunately you will not be able to downgrade your iPhone / iPad / iPod touch from iOS 7.1 to iOS 7.x.x even if you have saved SHSH, this feature is only available for i4 devices only.
Here's what MuscleNerd said about iOS 7.1