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My friend has a iPad Air. He got update notification for iOS 7.1. The update took long time but everything was fine. After that I was just checking out the new thing. I found that I am unable to run multiple applications on the same. The ram usage is also very high. Some games are freezing. This never happened before. The update was proper, but there is a it issue with using multiple applications.
It is bit weird. I had also gone with the same update and there is no such problem. In my case the phone is working. I am able to switch between different applications. I had gone with the update recently. It is right the update takes really long time to download. That is because of the size. I will recommend you to connect your phone through iTunes and run a full restore back again. See whether that helps or not.
There are few people who are facing the same issue on Apple iPad Air. They have issue with freezing. Apps are not working smooth, it lags or stutter in between. I had seen some discussion on their official forum. Apple has no provided any information on that. It is possible that if there are too many bugs they might release the 7.2 update fast. The freezing issue occur on old phone only. Those how has the latest model are not facing any problem.
Restoring the phone can only help you. There are no other choices. The second thing you can do is remove all the apps and install them back. Most of the apps get new updates. If this also does not help then just backup your entire phone data and run a full factory restore. Wipe out everything and install everything back one by one. I think that will be enough to fix the issue. If nothing happens then wait back for the next update.