Apple is expected to release an update to iOS 7, version 7.1 sometime next month that will include bug fixes. The bigger news is the release of iOS 8.
Hints are starting to appear as to what Apple has in mind for the next version of iOS for iPhone and iPad. One thing that seems very unlikely is any significant design changes in look and feel since iOS 7 was already such a major departure that users are still absorbing.
More likely, the iOS 8 update will bring a collection of new features and also facilitate connections to new sensors and devices (iWatch anyone?).