This means that it could work on the 1st generation of the iPad along with the 4th gen iPod; this is due to the fact that they both work on the same processor. The new iPhones differ as they come with processors that come with more security.
The Apple iPhone 5S and the 5C has managed to stop the jailbreakers, however if anyone is able to do it then it should be the Evad3rs, but for the time being it seems that the hopes are pinned are Wincom.
The jailbreakers were said to be working on the iOS.7.1 in secret but then other people said that they believe Apple may be waiting for the release of iOS 8 before they attempt a jailbreak.
However Cydia on the jailbroken iPhone means that it is possible for iOS 7 to be run the same as iOS 7.1, however some people are still waiting for the jailbreak for iOS 7.1.
When iOS 7.1 came out it managed to fix numerous loopholes which the Evad3rs had found out as it came with many security measures. These have been difficult to beat, so it could be that the team is waiting for iOS 8 to be announced by Apple.
So if you do want the jailbreak then you should not make the update to iOS 7.1.
Wincom did show off the Apple iPhone 4 with iOS 7.1 and iH8sn0w is said to be working on the Apple iPhone 4S jailbreak.
Perhaps a jailbreak for iOS 7.1 could arrive at some time and we could eventually see jailbreaking arrive in the Oxford dictionary at some point.