Before you keep on reading I wouldn't recommend updating just yet!
I attempted to update my phone to iOS 7.1.1 today and as I was doing it something went wrong and it completely failed. Went into restore mode which means I had to connect it to itunes, restore the software on it and then restore a backup. Luckily I had a recent icloud backup or else I would have been screwed!
Anyone else have this problem? I hope everyone takes regular backups, just in case.

