So it looks like today Apple has dropped IOS 7.0.4. It looks like all is clear to update via the MuscleNerd scanner. He has stated on his Twitter that

MuscleNerd

“Those at 7.x waiting for JB, maybe treat 7.0.4 as exercise in restraint. Won’t affect JB if you slip up, but test your ability to avoid it!”

So with that being said I would hold off on updating. It looks like all the update is meant to fix is the lockscreen bug. And from past IOS updates we all know it won’t get fixed. So if you are anything like me I would hold off on updating. MuscleNerd has said that the jailbreak will work on IOS 7.0.3 witch most of the people that have lost jailbreaks are already on. So you can just update later if we see the jailbreak works for IOS 7.0.4.

MuscleNerd also goes on to remind us that there is no going back on most devices.

MuscleNerd

“…but for those enjoying the 6.x JB, avoid 7.0.4 . There’s no going back (always worth saying that for sake of JB newbies)”

So for me I will be waiting on this update unless I am forced to update via a crashed device.