Unlike the jump from iOS 6 to iOS 7, there is little reason for users who aren't developers to upgrade to the iOS 7.1 beta firmware. There are but a handful of improvements and users will than likely run into the typical beta bugs.
MuscleNerd of the Evad3rs recently tweeted, "iOS betas often come out in rapid fire..its far safer for those awaiting iOS7 JB to avoid today's 7.1b1 (they're usually buggy anyway)"
That being said we have confirmed it's possible to update to iOS 7.1 beta and downgrade back to iOS 7.0.4 with a non-registered device. The iOS 7.1 beta has not yet been cleared as safe for those awaiting an iOS 7 jailbreak. Thus, if you choose to update, you'll need to stay on top of the releases to ensure you downgrade back to iOS 7.0.4 before the final build of iOS 7.1 is released to the public.
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